Mortgage Types - Variable Rate Mortgages

Kelleway Mortgage Architects

Take advantage of interest rate changes
Take out a 3-year or 5-year Variable Rate Mortgage and you can pay LESS THAN PRIME for the full life of your mortgage. That can add up to thousands in savings!

With a variable rate mortgage, the interest rate fluctuates with money market trends. This is sometimes referred to as a floating rate mortgage.

Your actual payments may not change during the term but if rates go down, more of your payment is applied toward the principal.

But what if prime goes up?
Depending on the lender, you can have the option to lock-in your interest rate by converting to a Fixed Rate Mortgage at any time. The term must be longer than the number of years remaining on the Variable Rate Mortgage's term. When you decide to convert, you automatically get mortgage broker discounted rates – not bank posted!

Kelleway Mortgage Architects has access to many variable rate mortgage products, for further information, please contact me or fill out an Online Mortgage Application.