What is a fixed rate mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term — usually between 6 months to 10 years. This offers the security of knowing what interest you will be paying for the term selected. However, your interest is locked so if rates go down you may pay more than the market rate. But if rates go up you are secure.

What is a variable rate mortgage?

A mortgage in which payments will fluctuate month to month depending on the prime interest rate. If prime goes up so does your payment but if it goes down you pay less. Also, variable rates are usually lower than fixed rates but again can go up or down. Nobody has a crystal ball.

How can you pay off your mortgage sooner?

There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by:

• Selecting a bi-weekly or accelerated payment schedule
• Doubling your payments on a given month if you have the cash
• Making principal prepayments of up to 15-20% depending on your mortgage contract
• Selecting a shorter amortization at renewal


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Sherkin-Langer and Castle was established in 2005 in response to a recognized need for luxury real estate service with a specialized focus on the Toronto Real Estate Market and the Greater Toronto Area.


2145 Avenue Road
Toronto, ON M5M 4B2


Ferne Sherkin-Langer

Nina Castle 


For over 60 years, Harvey Kalles Real Estate Ltd., Brokerage has been dedicated to offering professional service to all of our customers.


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