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 closed 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

Monthly repayment schedule available.

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


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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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