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 A variable-rate mortgage gives you the chance to take advantage of the current low Prime Rate. The interest rate on your mortgage is usually set below Prime, which can result in lower initial payments compared to a fixed-rate mortgage.

With this type of mortgage, the interest rate can change over time based on fluctuations in the Bank Prime Rate. The good news? If the Prime Rate goes down, your payments could go lower too! However, if the Prime Rate goes up, your payments might increase.

There are different types of variable-rate mortgages:

1. Some let you keep your monthly payment the same for up to 5 years, while the interest rate changes.

2. Others have payments that adjust directly with changes in the Prime Rate, so your payments will go up or down depending on how much the rate moves.

While variable rates can give you the potential for savings when rates are low, they can also increase if rates rise. It's a great option for those who are comfortable with some flexibility in their payments and want to take advantage of lower rates.

An open mortgage gives you the flexibility to pay off your mortgage anytime without penalty. Whether you want to make extra payments, pay off your mortgage in full, or pay it off early, an open mortgage lets you do that without any restrictions.

Because of this flexibility, open mortgages typically have higher interest rates compared to fixed or variable mortgages. However, if you're someone who may want to pay down your mortgage faster or pay it off early, an open mortgage could be a good choice for you.

It’s ideal for people who have unpredictable cash flow or expect to come into a lump sum of money (like a bonus or inheritance) and want the option to pay off their mortgage without facing fees.

A secured line of credit allows you to borrow against the equity in your home whenever you need it. The interest rate is usually linked to the Prime Rate, and while it’s a bit higher than Prime, it’s still lower than an unsecured line of credit.

With this type of credit, you only need to make interest payments on the balance, which can help with cash flow if you don’t want to commit to larger monthly payments. Plus, you have the flexibility to borrow, repay, and borrow again as needed.

If you have substantial equity in your home, you may be able to have both a mortgage and a secured line of credit, giving you even more financial flexibility.