Variable Rate

A variable rate mortgage is a mortgage in which the rate of interest fluctuates in response to changes in the prime rate.

This type of product allows you to take advantage of low interest rate periods. When interest rates fall, you are paying down more on your principal with each payment, and less interest. When interest rates rise with a variable rate mortgage, the amount of interest increases and your principal payment decreases.

If during the term of your mortgage you become uncomfortable with rising interest rates, YNCU gives you the option of converting your variable rate mortgage into a fixed rate mortgage equal to at least the balance of your term - with no penalty.

YNCU offers closed variable rate mortgages.



Open Variable Rate Mortgage Expand/Collapse

Conventional & High Ratio

With an open variable rate mortgage, you can repay your mortgage in full or in part at any time without penalty. This is a good option for members who may be looking to pay off their mortgage or sell their home in the near future. A variable rate helps members pay more towards their principle when rates are low, but could cost them a little more, at any given time. With an open mortgage, members 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.

Convertible Mortgage Expand/Collapse

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.

Shielded Mortgage Expand/Collapse

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.

 

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