Variable Rate Mortgages - Great for Savers!
Historically variable rate mortgages have saved Canadians money approximately 9 times out of 10.
- Anyone who wants to save as much money as possible, but also have some security.
Anyone who is fine with fluctuations in the length of their amortization period
- Rates linked to the lenders’ prime rate.
- Monthly mortgage payments remain the same.
- The amount of your monthly mortgage payment going towards the principal of your mortgage increases and decreases as rates change.
- Interest rates compound monthly.
- Great prepayment options.
- Higher risk = bigger savings.