Variable Rate Mortgages
Variable Rate Mortgage Financing Options
Variable rate mortgages are a great way to take advantage of lower rates that a fixed rate can offer you. If you are comfortable with your monthly payment fluctuating with relation to the Prime Rate of Canada, then this might be the mortgage option for you!
How a variable rate mortgage works is as the Prime Rate of Canada fluctuates, so will the interest rate you are paying and therefore your payment will change as it changes. The rates are lower than the fixed rates, but you also are taking more risk because if the Prime Rate goes higher than the fixed rates, then you will be paying more interest. The lenders allow you to lock in to a fixed rate at anytime, and that way, if you feel rates are going too high, you can stop the fluctuating and just pick the current best rate and lock into that.
1 Year Variable Mortgage Rate
- Closed Option - Prime Rate
- .30%
for the entire 1 year term.
3 Year Variable Mortgage Rate
- Closed Option - Prime Rate
- .30%
for the entire 3 year term.
5 Year Variable Mortgage Rate
- Closed Option - Prime Rate
- .30%
for the entire 5 year term.
- Open Option - Prime Rate +
.80% for the entire 5 year term.
5 Year (Closed) Variable Mortgage Rate Penalty Info
- There will be a two month interest penalty if the mortgage is paid out with in the first three years of the term. The mortgage is fully open for repayment during the forth and fifth year of term.
5 Year Variable Mortgage Rate Amortization
