Best Variable Rate
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Open
Rate 4.75%
TD Canada Trust

TD Canada Trust

Term 5 Year
Type Variable Open
Rate 5.10%
BMO Bank of Montreal

BMO Bank of Montreal

Term 3 Year
Type Variable Open
Rate 5.15%
Scotiabank

Scotiabank

Term 5 Year
Type Variable Open
Rate 5.75%

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.

Compare the top variable open mortgages here at LowestRates.ca. Select a product from the rate chart above and get started.

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