|
|
Variable Rate Mortgage
Variable rate mortgage is another term for adjustable-rate mortgage.
Variable rate mortgage is a type of loan where the initial payments
are low. After some time though, the interest rates of variable rate
mortgage changes on a regular basis. These changes on variable rate
mortgages are affected by several factors, such as changes in investor
markets.
Because of its low initial payment, a lot of people like to take on
a variable rate mortgage. Financial reports suggest that the risks
you assume in taking a variable rate mortgage are considerable but
the gains are even more so. This is because variable rate mortgages
may turn out to be cheaper than fixed rate mortgages in the long run.
Several lenders offer variable rate mortgages among their product
lines. Some of these lenders are listed below, along with a brief
outline on their variable rate mortgage product.
Variable Rate Mortgage by ING Direct Mortgages
The ING Direct line of variable rate mortgages offers one of the lowest
rates available in the market today. With a variable rate mortgage
interest rate of less than 0.60% for a full five-year term, ING Direct
variable rate mortgages are among the top-sellers.
As an added bonus, consumers who buy their variable rate mortgages
from ING Direct have the option to convert their variable rate mortgage
into a fixed rate mortgage of 3 years or more. This conversion from
a variable rate mortgage to fixed rate can be done any time without
penalties.
Every 3 months, ING Direct variable rate mortgage interest rate will
be adjusted to reflect their prime rate.
Variable Rate Mortgage by CanEquity Mortgage Canada
The variable rate mortgage of CanEquity is based on a five year term.
However, in this variable rate mortgage, only the first three years
are closed, leaving years 4 and 5 open. This means that the 2 remainder
years leave you absolutely free from any variable rate mortgage pre-payment
penalty.
CanEquity’s initial interest rate for their variable rate mortgage
is 1.74%. After this initial rate, payments for your variable rate
mortgage will be based on CanEquity’s Prime rate of less than 0.40%.
Variable Rate Mortgage by National Mortgage
National Mortgage has three variable rate mortgage programs on its
product lists. All three variable rate mortgages have initial payment
rates based on current Prime rate of 4.00%. These variable rate mortgage
programs have varying terms from 3 months, 6 months, to 5 years.
The 5-year variable rate mortgage has an initial payment rate of 4.25%
but for the duration of 5 years, the rate would be less 0.75%. The
same goes for the 6-month variable rate mortgage. Prime (4.25%) is
less 1.40% for 6 months followed by prime less 0.40% for the remainder
of the term. The 3-month variable rate mortgage on the other hand
has prime less 2.25% for 3 moths followed by Canadian Bank Prime less
0.375% with 1% cash back and airmiles.
Variable Rate Mortgage by Scotiabank
The Scotia Ultimate Variable Rate Mortgage offers their consumers
a Cap rate guarantee. Consumers are given the choice of buying the
variable rate mortgage for a rate discount of 0.50% off Scotia’s Prime
rate for the full three-year term. They can also opt to pay upfront
cash back of 1.50% of the variable rate mortgage loan amount for the
full three-year term.
Additional Resources and Latest News:
0) {
for($i = 0;$i < count($rss_channel["ITEMS"]);$i++) {
if (isset($rss_channel["ITEMS"][$i]["LINK"])) {
print ("\n ");
} else {
print ("\n " . $rss_channel["ITEMS"][$i]["TITLE"] . " ");
}
print (" " . $rss_channel["ITEMS"][$i]["DESCRIPTION"] . " "); }
} else {
print (" There are no articles in this feed.");
}
}
?>
|
|
