Variable Rate Mortgages

A variable mortgage allows you to take full advantage of changing interest rates over the course of your term.

Features

  • Competitive interest rates.
  • Repayment plans to suit your needs with a fixed payment.*
  • Interest rate fluctuates based on TCU's prime lending rate.
  • Available for both conventional and high ratio mortgages.**
  • Both open and closed options available:
Open Closed
Term is 1 year. Term is 5 years.
Pay off as much as you want above your regular monthly payment and/or as early as you want without prepayment penalties. Can repay up to 15% of the original loan amount per calendar year and up to double your regular monthly payments before prepayment penalties apply.
Flexibility to switch to a fixed rate mortgage or a variable rate closed mortgage at any time. Ability to lock in your interest rate by converting to a regular fixed rate mortgage of 3 years or longer at any time.

 

Notes

  • *Payments can be made weekly, bi weekly, semimonthly or monthly
  • **Conventional mortgages require a minimum down payment or equity position of 20%. Mortgages with less are considered high ratio and must be insured through Canada Mortgage and Housing Corporation (CMHC) of Genworth Corporation.
  • Must meet certain approval conditions
  • Cost of credit and any fees associated with the loan will be disclosed at time of approval
  • Payment amounts may need to be adjusted depending on interest rate fluctuations. This is reviewed annually by TCU and you will be advised if any adjustments are necessary.

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