Variable Rate

Unsure if a variable rate mortgage is the right mortgage product for you?  Contact us to learn more!

Quick Information About Variable Rate Mortgages

• Higher risk tolerance

• Rate fluctuates with Prime

• Used to be Prime or Prime Minus XX%, now Prime Plus XX%

• Can be Closed or Open

• If closed, subject to 3 months interest or IRD Penalty in paid in full early

• Prepayment privileges for closed variable apply as with fixed products

• Long term average interest rates for variable products are typically lower than for fixed rate products

• Must be comfortable knowing monthly payments may change from month to month

• Best scenario is to set monthly payments the same as payments for a 5 year fixed to take advantage of lower interest rates and pay down principle faster, and provides a cushion if rates go up.

• Closed Mortgages
• Commercial Mortgages
• Conventional or Unconventional
• Fixed Rate
• Lines of Credit
• Open Mortgages
• Variable Rate