Variable Rate Open Mortgage
Savings potential and full repayment flexibility.
- Potential to save money over the life of the mortgage
- Rate is tied to Prime
- Manage your cash flow with fixed payments
- Make additional payments or pay off your mortgage at any time, without penalty – no strings attached
Our Variable Rate Open Mortgage can save you thousands of dollars in interest costs over the life of your mortgage. Your interest rate is tied to Prime, so when market interest rates fall, so does your mortgage rate. Should rates rise, you can sit tight and wait it out, or lock in to a fixed rate mortgage at any time.
Save even more by taking advantage of full repayment flexibility; make additional payments at any time to reduce your mortgage. This is a smart choice if you expect to have additional cash - commissions, bonuses, or even an inheritance – to pay down your mortgage.
| Term | 6 months or 5 years |
|---|---|
| Payments |
|
| 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 Open Mortgage (Rates effective 2015-06-10) | Rates |
|---|---|
| 6-Month Variable Rate Open Mortgage | Prime +1.25% |
| 5-Year Variable Rate Open Mortgage | Prime +1.15% |