Mortgages
Variable rate
Take advantage of declining interest rates with a variable rate mortgage. And if rates start to rise, you can lock in any time.
Variable rate mortgages
Accepting some ups and downs can help you pay off your mortgage faster. With a variable rate mortgage, your payments stay the same but the amount you pay towards your principal rises if interest rates fall — and falls if interest rates rise. In the end, because you start with a lower rate than a fixed rate mortgage, you can save thousands of dollars over the life of your mortgage and be debt-free sooner.
Benefits:
- Save with interest rates that follow Prospera’s Prime Lending Rate.
- Payments stay the same even if interest rates change.
- Pay more principal when interest rates are low.
- Convert to a fixed rate mortgage at any time.
You also get these options:
- Increase your mortgage payments by up to 100% on any payment date to pay off your mortgage even faster and save interest.
- Make a principal pre-payment up to 20% on your annual anniversary date and pay your mortgage off even faster.
- Five-year closed term.
What’s the difference? Fixed vs. variable mortgage rates.
With a fixed rate mortgage, your payments and interest rate stay the same for the term of your mortgage. Every time you make a payment, the same amount goes towards the principal. Fixed rate mortgages provide consistency, allowing you to easily budget. Unless you make extra payments, you know exactly how much principal will be left at the end of your term.With a variable rate mortgage, your payments stay the same for the term of your mortgage, but the interest rate changes with market fluctuations. When interest rates drop, more of your payment goes towards your principal. When interest rates rise, less of your payment goes towards your principal. A variable rate mortgage can potentially save you a lot of money in interest, but you are subject to interest rate changes you can’t predict and you won’t know exactly how much principal will be left at the end of your term until you get there.
No matter which mortgage you choose, you always get:
- A 3-month rate guarantee: That means even if something changes in the market and rates rise before your mortgage is processed, your rate is honoured
- Flexible payment schedules: Monthly? Bi-weekly? Weekly? We’ve got options to ensure your payment frequency fits your budget and goals
- Portability**: Moving? Easily transfer your mortgage to a new property when you move
- Options to sell**: You can sell your low interest rate mortgage with the sale of your house as an added incentive for potential buyers
Talk to a mortgage expert about your optionsGet pre-approved online
Explore the different types of mortgages
Fixed rate mortgage
Whoever said predictability is boring does not appreciate the benefits of a fixed rate mortgage.
Explore all mortgages
See a side-by-side comparison of the key features of our mortgages to help you decide which works best for you.
How can our mortgage experts help you?
Buy a home
From your first apartment to your dream home, we're here to support you throughout the entire process
Switch my mortgage
Explore why local banking means more, even for your mortgage, with a range of options to suit your needs
