Variable and Fixed Rate Mortgages

Variable Rate Mortgage

With a variable rate mortgage, mortgage payments are set for the term, even though interest rates may fluctuate during that time. If interest rates go down, more of the payment is applied to reduce the principal; if rates go up, more of the payment is applied to payment of interest. Variable rate mortgages may be open or closed.

A variable rate mortgage provides you with the flexibility to take advantage of falling interest rates and to convert to a fixed rate mortgage at any time.

Fixed Rate Mortgages

Transitioning to fixed-rate mortgages, borrowers lock in an interest rate for the entire term, ensuring payment predictability. Payments, predetermined for the term, offer security, guaranteeing consistency. Fixed-rate mortgages come in open (no breakage costs for early payment) or closed (breakage costs apply if paid off early) options.

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