Rate types

Rate types

When it comes to rates, the percentage makes a difference to how much you pay, but so does the type of rate.

Let us help get the best rate and type of rate for you.

What’s a mortgage rate?

The percentage interest that you pay on top of the loan principal. For example, you may take out a mortgage of $100,000 at a rate of 12%. Your monthly payments will consist of a portion of the original $100,000, plus 12% interest.

Fixed rate

An interest rate that does not change during the entire mortgage term.

Variable rate

An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term. There may be lender discounts with this type of rate.

See current rate information or give us a call to speak to us about rates .