3 Year Variable Closed Mortgage Rates
The Best Mortgage Rates in Ontario
3 YearVariable Closed View All
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by Sean Cooper
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Variable Rates - Risky Yet Rewarding
Unlike fixed rates, variable rates may change during your mortgage term. But as long as variable rates remain low, so do your monthly payments. And remember, new rates pop up all the time, so sign up for Rate Alert so you can stay abreast of the current market.
Not Sure? Ask an Expert
Your first instinct may be to go to your bank, but a mortgage broker may take you further. Mortgage brokers have access to multiple rates from banks, credit unions and specialty lenders. They also are a wealth of knowledge of the mortgage industry.
Using Your Term to Balance the Risk
Variable rates tend to be lower the longer the term. But remember, if these rates fluctuate, you still having to keep making your payments for the duration of your term. In contrast, shorter term variable rates are higher, but even if the climb further, you can still get out of your mortgage quickly.