Take advantage of interest rate fluctuations
Take out a five-year, Closed Variable Interest Rate Mortgage. As with the Open Variable Interest Rate Mortgage, the interest rate is set on the first day of each month, and your payments remain the same.
The Closed Variable Interest Rate Mortgage also gives you the ability to lock in your interest rate by converting to a Fixed Rate Mortgage at any time, as long as the new term is at least the lesser of 3 years or the current remaining term.
|Term||5 years (Closed)|
|Interest Rate||The rate is set on the first day of each month|
|Financing Available||Conventional or high-ratio, minimum 5% down payment|
|Payment Options||Weekly, biweekly, semi-monthly, monthly|
|Rapid Paydown||Payments can be increased by up to 100% over the term without charge|
|Prepayment Option||Up to 15% each year|