For Vancouver resident Ashley Leung, the saying pertains to a variable rate mortgage.
Leung and her fiancé, Stephen, bought their first home together in February. While shopping around for a mortgage, they spoke with a home financing advisor at Scotiabank. After discussing their options, the advisor suggested a variable rate mortgage.
With murmurings of impending interest rate hikes, the couple understood there were risks involved with pursuing such a path. However, Leung said the advisor told them that regardless of any hikes, they would still pay a fixed amount every month.
“He told us what would happen [if rates rose] is that more of what we pay would go into interest, but our payment each month would remain the…