How Often Changes Occur: Since your mortgage rate is fluctuating around prime, you'll need to know how often your payments will change. Will your payment change every time prime changes, or will it be changed monthly if the prime rate has changed or quarterly? Also, you might be the type of person who likes to know exactly what your payment is each period, so it might be beneficial to know if you can just set your payment at one specific amount permanently. By doing this, anything that you are paying over and above your required payment goes directly to your principle balance and you end up paying off your mortgage faster!

Here at Mortgage Centre Advantage, we thrive on the fact that we know every product inside and out. Give us a call and we can answer all your questions regarding all variable rate mortgages and which one is best for you.

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