Variable Rate Mortgages
|
|
|
A Variable Rate Mortgage is a mortgage that is based on the prime lending rate.
This type of mortgage can also be referred to as a floating rate mortgage or an
ARM -adjustable rate mortgage.
There are many different Variable rate mortgages to choose from. Some have
teaser rates for the first few months. Some have caps so your payment never
exceeds a set dollar amount. The majority of adjustable rate mortgages offer
rates below prime and the option to convert to a fixed term at any time.
Variable rate mortgages are just like regular fixed rate mortgages except that
the interest rate will go up and down with the prime rate. If you qualify, you
will be offered a mortgage ranging from 1% below prime to 2% above, depending
on your credit. Your payment will be adjusted monthly, to reflect the current
interest rate.
Like Fixed Rates, Variable Rate Mortgages can be either Open or Closed. If the
mortgage is Closed, then the conditions of the loan are locked in for the
length of the term. More often though with Variable Rate Mortgages, the
mortgage is Open, and you could lock the rate in or pay the mortgage off at any
time if you felt mortgage rates were moving on an upward trend.
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.
To get approved for a Variable Rate Mortgage Apply Now!!
|
|
|
|
| U-Save Mortgage |
|
Call 1-403-720-2008 |
| Term |
Banks |
Our Rate |
| Prime |
2.75% |
2.75% |
| 1 Year |
3.50% |
2.60% |
| 2 Year |
3.90% |
3.25% |
| 3 Year |
4.45% |
3.70% |
| 4 Year |
5.04% |
3.89% |
| 5 Year |
5.39% |
3.89% |
| 7 Year |
6.19% |
4.85% |
| 10 Year |
6.50% |
5.19% |
| Variable |
2.75% |
2.15% |
| Self Employed |
5.39% |
3.89% |
| No Down |
5.39% |
5.39% |
| *Rates subject to change without notice. |
|
Learn more about
Variable Rates.
|
|
|
Print Application
& Fax In
|
|