A Variable Rate Mortgage allows you to take full advantage of changing interest rates and gives you the flexibility to convert, at any time, to a fixed rate mortgage with a term of 3 years or longer, without penalty.

Features

• Variable Rate Mortgage rate is based on Prime.
• Payments can be fixed for up to 2 years however, the interest may change from month to month depending on the market conditions.
• Flexibility to convert, at any time, to a fixed rate mortgage with a term of 3 years or longer, without penalty.
• Interest is compounded "not in advance" which means interest is charged each month instead of adding the total cost of interest to the mortgage, in the beginning. As a result, the owner will pay less interest.
• Owners with existing mortgages up for renewal can have the option to convert to a Variable Rate Mortgage.
• If you choose to pay off your mortgage or renew early a pre-payment penalty may apply.