The most common mortgage is the 5 year fixed rate mortgage. Five years is the term, so the mortgage is up for renewal (to renegotiate the rate and terms and conditions) in five years. The fixed rate is the notion that the interest rate that is given to you will not go up nor down in the term you selected (6 months to 10 years).

If you are a person who likes stability and is risk averse, the fixed rate mortgage product is best for you. Your rate stays the same for the entire duration of the mortgage and your payment will not change.