A variable rate mortgage is a mortgage where the interest rate may change periodically during the term of the mortgage and any changes will also change the borrowers payments, amortization stays the same. If interest rates begin to rise most variable products will allow you to convert your mortgage into a fixed term at any point during your term. This can be very advantageous in a rising rate environment. You will benefit from a variable rate mortgage product if you are comfortable with rate fluctuations to gain a possible long-term interest savings and you have the financial flexibility to accept possible increases in your payments or amortization should the interest rate increase.
- 3 and 5 Year Terms
- Maximum 95% Loan to Value
- Rate Hold Typically 120 Days
- Amortization Up To 30 Years
- Up To 20% Pre-Payment Privileges
Search Today’s Lowest Fixed Mortgage Rates From Over 30 Lenders
***Rates are subject to change at anytime and restrictions may apply. Contact a mortgage broker for the most up-to-date rates.***