Variable Rate Mortgages
A variable mortgage allows you to take full advantage of changing interest rates over the course of your term.
- 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:
|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.|
- *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.