Understanding Variable Interest Rate Mortgages
Author:
Topic: Financial literacy
Publisher: FCAC - Financial Consumer Agency of Canada
Location: Canada
Format: Guide
Content Type: Tools
Publication Date: March 31, 2012
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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