Most people focus on getting the lowest mortgage rate. But there’s another, often overlooked, way to save thousands of dollars over the life of your mortgage—and that’s by using your prepayment privileges.

If you’re buying a home in Ontario, you’ve probably asked yourself: should I go with a fixed-rate or a variable-rate mortgage?

It’s one of the most important decisions in your mortgage journey—because it impacts how much you’ll pay every month, how your payments can change over time, and how confident you’ll feel about your financial future.

The good news? Once you understand the difference, the choice becomes a lot easier. Let’s break it down.