Open 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 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 an Open Variable Rate Mortgage?
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Interest rate varies with prime but your payments remain the same
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Ability to switch to a fixed rate mortgage at any time
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Payments can be increased to any amount over the term without charge*
*Full prepayment subject to an administration fee. First year = $500; Second year = $250; After two years = $0
