Variable Rate Closed Mortgages
You may choose a variable rate mortgage that is closed
for 5 years. This will guarantee you that your
rate discount from the bank's prime will remain
the same throughout the term of your mortgage.
Your actual rate will change depending on the product.
Some or our variable rate mortgages, the rates are
recalculated immediately, or monthly, or every 3 months
as prime changes.
Your scheduled monthly payment can either be fixed
throughout the term of your mortgage, or it may adjust
whenever your cost of borrowing changes.
When your select a fixed payment, the amount of payment
applied towards interest and principle will change as
the interest rate of your mortgage changes.
If you select a changing payment schedule, your
repayments are applied similar to a fixed rate mortgage
because your payment will increase as your rate
increases ( or vise versa).
A fixed variable rate mortgage will allow you similar
prepayment privileges as with a fixed rate mortgage.
Generally the prepayment allowed vary between 10 - 25%
per annum without penalties depending on the institution
your mortgage is arranged with.
As will all variable rate mortgages, you may:
- lock in at anytime into a fixed rate mortgage
- have your mortgage amortized up to a maximum of 40
years
- choose monthly, weekly, semi-monthly, or biweekly
payments
- choose this type of mortgage to purchase a new home,
refinance or consolidate, and as an equity take out
mortgage
Is a variable rate close mortgage for you?
Choose this type of mortgage if:
- you anticipate on prime going down
- you can accept the risk of prime going up increasing
your mortgage rate
- have at least 5% as a down payment
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The first step is to allow us to get you
pre approved.
If you have already made an
offer on a property, then you are
ready to apply for a
mortgage on line.
You may also apply by fax. Download a a printable application, or you may call us at
1-877-307-6800 and talk to one of our mortgage
expert.
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