How much lower are our rates? See for yourself below.
Last updated: August 17, 2022
Choosing a variable rate mortgage has saved borrowers money historically. It also offers a predictable penalty fee, since it will always be equivalent to 3 months worth of interest, if you decide to break your mortgage before the end of the term.
One major downside of a variable rate mortgage is that if the prime rate rises and your interest rate also increases accordingly, your amortization or payments could rise, leading to more interest paid.