What term should I choose for my fixed-rate mortgage loan?

It all depends on your plans and how much risk you are willing to accept since your rate is fixed for the duration of the term.

In general, the longer the term, the higher the mortgage rate, and the lower the risk. This protects you against potential rate hikes. If you want to keep the home for many years, and you do not want to renegotiate your rate, a longer term may be the best fit for you.

Your risk tolerance should be higher if you opt for a shorter term, as interest rates could fall and save money, but could also increase as your term matures. If you want to sell the property or want to have the opportunity to renegotiate the rate and terms of your loan, a shorter term would be a better option for you.

Hesitating between the two?

Know that you can also benefit from a tailor-made rate that combines a fixed and variable rate for more flexibility. Talk to your mortgage advisor, who will help you choose the best option.