Variable Mortgage

This mortgage is right for you if:

  • You want a conventional mortgage with the exception of having a variable interest rate.

Mortgage Features

These mortgages are the same as conventional first mortgages with the exception of having a variable interest rate. The rate will float up and down with changes in the marketplace, The term of the mortgage is for 5 years and when not in default the Chargor may convert the mortgage to a fixed rate mortgage having a term of three years or greater from the mortgage options and terms available at that time.

Payments are based upon the interest rate and amortization at the time and could fluctuate as interest rates change.

Additional Information

Flexible repayment options include monthly, semi-monthly, bi-weekly or weekly payments.

At any time during each year of the term of a mortgage, the borrower may prepay up to 20 per cent of the "original principal" amount of the mortgage without notice or bonus

  • Once during each year of the term of the mortgage, the borrower may increase the principal and interest portion of the monthly payment by up to 50 per cent of the principal and interest payment "originally" required by the terms of the mortgage..

  • Any amount prepaid in excess of the amount allowed, would be charged an interest bonus/penalty equivalent to the greater of:

a. Three (3) months interest at the interest rate in effect on the Charge at the time of such prepayment, on the amount prepaid; OR

b. An interest differential adjustment, calculated on the amount prepaid, in an amount which is calculated in accordance with Sudbury Credit Union’s then usual procedures and is based on the difference between (i) the annual rate of interest determined by the Credit Union in its sole discretion to be the interest rate that would be in effect on the prepayment date if the Credit Union was at that time prepared to lend to the Borrower on the same terms (including prepayment terms) as the Loan Agreement for a term from the prepayment date to the balance due date  and (ii) the rate at which interest is then payable under the Charge.

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*Rate is subject to change without notice and is available O.A.C. Terms and conditions may apply. Mortgage funds must be advanced within 90 days of the application. This rate is discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.
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