Introductory Variable Rate Mortgage

The "Introductory" Variable Rate Mortgage is a popular term when Prime rates are low. All introductory rates are discounted off Prime rate. Introductory variable rates have been as low as 1.24% in the past. This rate is typically used by lenders as an attention grabber but is not necessarily the best variable rate product available. Variable Rate Mortgages have many advantages and you should explore these options and advantages with our quailfied CanEquity mortgage broker.

Today's Introductory Variable Rate: 2.24%*

The introductory variable rate mortgage is based on a 5 year term, however, only the first three years are closed. This is good because years 4 and 5 are completely open with absolutely no pre-payment penalty. As an introduction, the first three months are set at 2.24%. After this initial rate your payments are based on PRIME less 0.40% for the remainder of the term. This is not as good because there are variable rate products that are PRIME less 0.60%.

Prime Rate Today is 4.75%

These numbers and terms do sound good, but what if prime goes up? This brings up great option; at any time without penalty you can convert into a closed mortgage 3 years or greater. When you decide to convert you automatically get mortgage broker wholesale rates not bank posted. You don't have to haggle with a branch manager; with CanEquity you simply get the best rate in Canada!

Prepayment options are important to most mortgage holders. This gives you the ability to pay down your principal mortgage amount over and above your normal monthly payments. The Variable Rate Mortgage happens to have one of the best prepayment plans. Prepay up to 20% of your mortgage, without penalty on an annual basis. You also have the ability to increase your monthly mortgage payment by 20% on any payment date.

The above chart shows exactly why the variable rate mortgage is one of the most popular mortgage products in Canada. In recent years CanEquity has saved clients thousands of dollars with this product.

Helping you save money is what CanEquity does best!

The Variable rate mortgage gives you the opportunity to save money while the prime lending rate is good and the comfort of knowing that when the time is right you can switch to a fixed mortgage.

Simply the most Effective Mortgage Product Available to You!

CanEquity has access to many other variable rate mortgage products. For further information please contact your CanEquity representative, or fill out our Online Approval Application. Let us earn your business.

^* Mortgage interest rates are subject to change without notice at any time. E.&O.E., O.A.C.
^§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.

Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. If you have questions or comments about our website, security practices or policies, please call our technical support line at 1-866-530-5541. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262.