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Capped Rate Mortgage

Potential savings and protection from rising rates

Potential savings and protection from rising rates

  • Interest rate tied to Prime, but capped to minimize risk
  • Potential cost savings plus built-in protection from rising rates
  • Save money – use your pay-down option on your mortgage anniversary
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Our Capped Rate Mortgage allows you to reap the potential cost savings of a variable rate mortgage linked to Prime. But it also provides automatic protection from rising interest rates by capping your rate just under the equivalent five-year fixed mortgage.

If rates go down, you benefit from a lower interest rate on your mortgage. If rates go up, your rate is still less than it would be for a fixed rate closed mortgage. It’s the perfect way to go.

Capped Rate Mortgage Details
Term 5 years
Payments
  • Choose weekly, bi-weekly, semi-monthly or monthly payment frequency to suit your cash flow
  • Up to 15% of the original principal can be paid down each year on the mortgage anniversary date
  • Scheduled payments can be increased, on an ongoing basis, by up to 15% once each calendar year
Rate
  • Rate is capped at a pre-determined rate
  • While the rate is variable and Prime based, your payments are fixed - what changes is the amount that goes to reduce your mortgage principal
Amortization Up to 25 years (standard); longer amortizations available - talk to your advisor
Financing Up to 80% of the value of your property; up to 95% if insured by a third party such as CMHC

Rates

Capped Rate Mortgage (Rates effective 2018-11-21) Rates
5-Year Capped Rate Mortgage 3.95% (Cap: 5.20%)

Apply now or get pre-approved for a mortgage. It couldn't be easier.

† Rates are subject to change without notice at any time. For more information visit your nearest branch or call us at 604.982.8000 or toll-free 1.888.713.6728.

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