
Variable Rate Mortgage
A variable rate mortgage is a mortgage in which the rate of interest fluctuates in response to changes in the prime rate. Basically, what that means is you get to take advantage of interest rates when they're low and chip away at the principle of your mortgage, usually faster than you would with a fixed rate.
YNCU offers closed variable rate mortgages.
Conventional & High Ratio
With an open variable rate mortgage, you can repay your mortgage in full or in part at any time without penalty, ideal if you're looking to pay off your mortgage or sell your home in the near future. A variable rate helps you pay more towards their principle when rates are low, but could cost them a little more, at any given time. With an open mortgage, you also have the flexibility to lock in when rates start to rise.
Rate
Variable
Term
1 Year
*Contact your branch for information regarding special features, repayment, eligibility, securitization, mortgage protection, and renewability.
Conventional or High Ratio
Our 5 Year Shielded Rate Mortgage allows members to take advantage of low interest rates, but also protects them when rates begin to rise. The interest rate will never exceed the predetermined ceiling rate.
Rate
Variable
Term
5 Years
*Contact your branch for information regarding special features, repayment, eligibility, securitization, mortgage protection, and renewability.
Conventional or High Ratio
A new twist on our variable rate mortgage – the interest rate fluctuates with the Prime Rate, but you can convert it at any time to a fixed-rate mortgage with a term equal to or greater than the remaining term.
Rate
Variable
Term
5 Years
*Contact your branch for information regarding special features, repayment, eligibility, securitization, mortgage protection, and renewability.