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Variable Rate Mortgage

The Variable or sometimes called Adjustable Rate Mortgage (A.R.M.) provides a lot of flexibility, especially when interest rates are on their way down. The rate is based on prime Plus/minus risk premium, and can be adjusted monthly to reflect current rates. Typically, the mortgage payments remain constant, but the ratio between principal and interest fluctuates. When interest rates are falling, you pay less interest and more principal. If rates are rising, you pay more interest and less principal, and if they rise substantially, the original payment may not cover both the interest and principal. Any portion not paid is still owed, or you may be asked to increase your monthly payment.

This mortgage is fully convertible at any time without any cost to you, if you choose a 3 year term or greater, and normally offers a standard prepayment privilege at any times throughout the year. While traditionally, banks offer variable mortgages up to 80% of the purchase price or the value of the home, we can go up to 90% with this product.

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Pramod Goyal, Mortgage Broker
MA Akal Mortgages, Brokerage License No: 10845

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