Fixed Rated Mortgage
Fixed rates never change over the life of the term, so this might be good for those who enjoy the security of knowing that their rate is guaranteed not to change for the term of the mortgage, but are willing to pay a slightly higher interest rate.
Variable Rate Mortgage
Variable rates are best suited to those who are comfortable with rate fluctuations. You may have the flexibility to accept possible increases in your amortization should the interest rate increase. Payments will stay the same if the prime rate changes, but more will be paid towards interest, thus lengthening your amortization period.
Blended Rate Mortgage
How a blended, or half & half rate works is that this mortgage gives you the best of both worlds – a fixed and variable mortgage rate. Now if the prime rate changes, only your variable portion will change; your fixed portion will remain the same. So, if you are someone who prefers calculated risks – this is the one for you!