Split Rate Mortgage
The best of both worlds: savings and security.
- Security of a fixed rate with the potential cost savings of a variable rate
- Choose the balance between fixed and variable rate that's right for you
- Pay-down option at time of mortgage anniversary
Tempted by the potential cost savings of a variable rate mortgage, but not completely confident interest rates will stay low over the term of your mortgage? A Split Rate Mortgage may be for you.
Our Split Rate Mortgage combines the security of a fixed rate mortgage with the potential cost savings of a variable rate mortgage. Your mortgage is split so that part is based on a variable rate tied to Prime, part on a fixed rate. The mix is completely flexible; 50/50, 30/70… you decide, based on your comfort level and tolerance for risk.
|Term||6 months to 10 years|
|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|
|Split Rate Mortgage (Rates effective 2009-10-01)||Rates|
|Split Rate Mortgage||Rate based on the fixed and variable rate for the term selected.|