HomebuyingREPORT: Canadian mortgage rates and housing market trends 2020
Experts say we haven’t yet seen the full effects of COVID-19 on the housing market.
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About variable open mortgage rates.
Get maximum flexibility with a variable open mortgage. Variable open mortgages give you the option of increasing your mortgage payments at any time, without paying a penalty to the lender — you could even pay off your entire loan all at once. You can also lock in a fixed rate if you see interest rates rising in the future.
Variable open mortgages are popular with borrowers who anticipate a near term move: the property can be sold and the loan discharged without any mortgage break fees.
Of course, variable open mortgages have a floating interest rate that changes with the prime lending rate of your bank. Your interest rate will be set at the beginning of each month, but your payments will stay constant. If interest rates decline, more of your monthly payment will be applied to your principal rather than the interest.
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If you’re planning to sell your house or break your mortgage before the end of your term, there could be fees to pay.