A Variable Rate Mortgage allows you to take full advantage of changing interest rates and gives you the flexibility to convert, at any time, to a fixed rate mortgage with a term of 3 years or longer, without penalty.


  • Variable Rate Mortgage interst rate is based on Prime.
  • Your payments may be fixed for up to 2 years however, the interest may change from month to month depending on market conditions.
  • You have the flexibility to convert at any time to a fixed rate mortgage with a term of 3 years or longer. And there is no penalty.
  • Interest is compounded "not in advance" which means interest is charged each month instead of adding the total cost of interest to the mortgage, in the beginning. This means you pay less interest.
  • If your existing mortgages up for renewal you have the option to convert to a Variable Rate Mortgage.

If you choose to pay off your mortgage or renew early, within the first year, there is a 3-month interest penalty or $1000, whichever is greater.