Mortgages

Closed Variable Interest Rate Mortgage

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