So… You want to get a Variable Rate Mortgage.
Be careful, some of the offers out there right now will end up costing you a lot more than you think.
Rates on Variable Rate Mortgages are currently ranging from 2.4% (0.60% below Prime) to 2.7% (0.30% below Prime). The difference between the lowest rate available and a slightly higher rate can mean all the difference in the world. When we hear that certain Lenders are offering really low Variable Rate Mortgages we get a little worried. Lenders will occasionally offer a discount to their peers on Variable Rate Mortgages in order to draw Borrowers in. When those same Borrowers are looking to lock into a Fixed Rate Mortgage down the road, look out! Continue reading →