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.
||6 months or 5 years
- The rate is variable, but your 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
- Increase the frequency or amount of your payments, or pay off your mortgage completely without a fee
||Up to 25 years (standard); longer amortizations available - talk to your advisor
||Up to 80% of the value of your property; up to 95% if insured by a third party such as CMHC