Are variable-rate mortgages suitable for first-time homebuyers?

Variable-rate mortgages can be suitable for first-time homebuyers depending on their risk tolerance and financial circumstances. They often start with lower initial interest rates compared to fixed-rate mortgages, which can result in lower initial monthly payments and potential cost savings. However, because the interest rate can fluctuate, borrowers should be prepared for possible increases in monthly payments over time, which could impact budgeting and financial stability.