With a fixed-rate mortgage, you know exactly how much interest you will be paying over the loan term. The mortgage cannot be terminated during the term. If you sell the property, you can be released from the mortgage early for a fee.
Interest rates on variable-rate mortgages depend on market conditions and so may go up or down. The mortgage may be terminated at any time with six months' prior notice.
Home ownership is one of the pillars in your retirement plan. You should consider the following issues when purchasing a home: