What should I consider before choosing a variable-rate mortgage over a fixed-rate mortgage?

Before choosing a variable-rate mortgage over a fixed-rate mortgage, consider the following factors:

• Risk Tolerance: Assess your comfort level with potential fluctuations in interest rates and monthly payments.
• Financial Stability: Evaluate your ability to absorb possible increases in mortgage payments if interest rates rise.
• Market Conditions: Consider current and projected interest rate trends and economic conditions.
• Flexibility: Determine if you prefer lower initial payments and potential cost savings offered by variable rates.
• Long-Term Plans: Evaluate how long you plan to own the property and whether a variable-rate mortgage aligns with your long-term financial goals.