Variable Rate Mortgage
Choose Variable Rate Mortgage for flexibility.
Pay off your mortgage sooner.
A Variable Rate Mortgage offers the lowest mortgage rates available and can save you thousands of dollars over a long period. The interest rate fluctuates with the change in Prime Rate. Variable rates get periodically adjusted. You can opt for monthly payment to stay the same. In that case if the prime rate goes down more of payment goes towards paying off the principal. If the prime moves up then more of the payment goes towards interest rate. You can convert it into a fixed rate mortgage at any time. This option gives you the flexibility and security.
This product Variable Rate mortgage or VRM is riskier than Fixed Rate Mortgage, without warning rates may increase or decrease during the term of the mortgage. You can take benefit of this mortgage product when the rates are low, and can switch to fixed rate mortgage when interest start to rise.
This Mortgage Product permits borrowers to keep the payments low for initial period in lieu of assuming the risk of interest rate changes. They are less expensive but at higher risk.
Call Finser Mortgage Broker to know which mortgage is best suited to your needs and get approved.
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