Closed Variable Rate

This mortgage interest rate fluctuates with the prime rate while payments remain the same. If prime goes down, more of your monthly payment is applied to the principle balance of the mortgage. If prime increases, more goes to the interest. You can also pay off some, or all, of your mortgage at any time, for no additional cost.

Why Choose a Closed Variable Rate Mortgage?

  • Interest rate varies with prime but your payments remain the same
  • Ability to switch to a fixed rate mortgage without penalty (as long as the fixed term is the lesser of 3 years or the current remaining term)