Variable Rate

The variable rate is not guaranteed and is pegged against the rise and fall of the banks prime lending rate. The interest rate that you sign for today, is not necessarily the rate that you will be paying at this time next year. Over the life of a mortgage, history shows that the home owner will save money with a variable rate. If you are on a very tight budget, and need to control your expenses, the variable route may not be the one you should follow, particularly in today’s market where even the fixed rates are extremely low.

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