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Variable Rate Mortgages
Become mortgage-free faster with a flexible variable rate mortgage. The interest rate of a variable rate mortgage fluctuates with Bank of Montreal prime rate.
Click Here for Self-employed Homeowner Mortgage options.
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6-Year Flexible Below-Prime Mortgage
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5-Year Protected Variable Rate Mortgage
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3-Year Open Variable Rate Mortgage
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| Current Mortgage Rates |
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Low introductory rate of Prime rate less 2.25% for the first 3 months.
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Prime rate less 0.1%.
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Prime rate.
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| Choose this Mortgage if you... |
- want one of the best rates available.
- believe rates will decline.
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- want the best of both worlds – the flexibility of a variable rate and the peace of mind of knowing there’s a maximum rate.
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- want maximum flexibility.
- are thinking of selling your home.
- wish to prepay more than 20% of your mortgage amount.
- believe rates will decline.
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| Features: |
- Interest rate is guaranteed to be below prime.
- Special discount for the first three months.
- Payments are generally fixed for the term.
- The amortization period is the number of years required to repay the mortgage
(both principal and interest). The amortization period may vary with fluctuations
in Bank of Montreal's Prime Rate: it may be longer than you selected
if interest rates have risen, since the start of the term or shorter if interest
rates have fallen since the start of the term.
- During the first 3 years, lets you convert to a fixed rate closed mortgage anytime without charge*.
- During the last three years offers open mortgage prepayment privileges.
- "20+20" Prepayment Privileges feature for first 3 years.
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- You are protected against the rate rising above a predetermined maximum rate – the “protected” rate.
- Payments are based on the “protected” rate and are fixed for the term.
- "20+20" Prepayment Privileges.
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- Lets you prepay in full or in part at any time with no prepayment charge.
- Lets you change to another term at any time, without charge.
- Payments are generally fixed for the term.
- The amortization period is the number of years required to repay the mortgage
(both principal and interest). The amortization period may vary with fluctuations
in Bank of Montreal's Prime Rate: it may be longer than you selected
if interest rates have risen since the start of the term, or shorter if interest
rates have fallen since the start of the term.
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To compare mortgage options, use the Compare and Consider Chart
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