Variable Rate Mortgage
Variable Rate Mortgage – allows you to take advantage of today’s low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. The terms range from 3 to 6 years. Payments vary depending on the product or lender you choose. In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.