Interest-Only Variable Rate Mortgage
Low payments put real estate investment within reach.
- Lowest payments possible
- Ideal for short-term mortgages on investment properties
- Increase payments at any time without penalty
Our Interest-Only Variable Rate Mortgage requires only that payments cover the interest on the mortgage. These low payments give you great flexibility to manage your cash flow.
This type of mortgage is ideal if you have limited resources now, but anticipate an increase in income or cash flow in the near future. It's an excellent strategy for those looking for bridge financing or financing for construction.
You can increase your payments and start paying down the principal at any time – or convert to a conventional fixed or variable rate mortgage. It's up to you.
| Term | 6 months or 1 year |
|---|---|
| Payments |
|
| Rate |
|
| 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
| Interest-Only Variable Rate Mortgage (Rates effective 2009-01-26) | Rates |
|---|---|
| Interest-Only Variable Rate Mortgage | For current rates, speak to a mortgage advisor. |