Variable Rate Mortgages

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


  • 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:



1 Year Term 5 Year Term
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.
Variable Rate Mortgages* Rates
1 Year Open 3.20%
5 Year Closed 2.45%
Prime Rate Rates
Prime Rate 2.45%

*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.