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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.
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3-Year Open Variable Rate Mortgage |
5-Year Closed Variable Rate
Mortgage
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Apply Now |
Apply Now
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| Current Mortgage Rates |
Current Mortgage Rates |
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View current rates |
View current rates
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| Choose this Mortgage if you... |
Choose this Mortgage if you... |
- 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: |
Features: |
- 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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- At any time, you can renew without penalty to a
fixed rate closed term provided the new term is longer than the remaining length
of your current term
- 20 + 20
prepayment feature
- 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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