Understanding Variable Interest Rate Mortgages
Author: FCAC - Financial Consumer Agency of Canada
Topic: Financial literacy
Publisher: FCAC - Financial Consumer Agency of Canada
Location: Canada
Format: Guide
Content Type: Tools
Publication Date: March 31, 2012
This is a guide from the FCAC on variable interest rate mortgages in Canada. A variable interest rate mortgage is a mortgage loan with an interest rate that can change during the term. The interest rate varies with changes in market interest rates (typically the bank’s prime lending rate). The mortgage payments can be fixed, or they could change if the interest rate changes – it depends on the lender and type of product.
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