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Variable Rate Closed Mortgage

Variable Rate Closed Mortgage

A great rate and potential savings.

  • Best interest rate in BlueShore Financial's suite of mortgage solutions
  • Potential to save thousands of dollars in interest costs over the life of the mortgage
  • Manage your cash flow with mixed payments
  • Pay down option at time of mortgage anniversary
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Our Variable Rate Closed Mortgage can save you thousands of dollars in interest costs over the life of your mortgage, since your rate is tied to Prime. When market interest rates fall, so will your mortgage rate. Should they rise, you can sit tight and wait it out, or you can convert it in to a Fixed Rate Closed Mortgage of equal or greater duration at any time after the first-year anniversary date.

This mortgage offers the lower interest rate of any BlueShore Financial mortgage as well as the flexibility of term lengths ranging from 6 months to 5 years.

Variable Rate Closed Mortgage Details
Term 6 months to 5 years
Payments
  • The rate is variable, but the payments are fixed. What changes is the amount that goes toward reducing your mortgage principal
  • Choose the payment frequency — weekly, bi-weekly, semi-monthly or monthly — 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 variable and tied to Prime
  • Convert to a fixed rate mortgage at any time after the first-year anniversary date
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

Variable Rate Closed Mortgage (Rates effective 2020-04-16) Rates
5-Year Variable Rate Closed Mortgage Prime +0.15%

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.

*Some conditions apply; subject to credit approval, for mortgages on owner-occupied properties with a maximum 25-year amortization and 75% loan-to-value ratio. Talk to our mortgage advisors for details.

*** Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.

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