A variable-rate mortgage is also known as floating rate mortgage in which rate of interest payable changes periodically based on an index which shows the cost to the lender of borrowing on the credit markets.
- Variable-rate mortgages have lower initial interest rates than fixed-rate mortgages and hence borrower has to bear lower monthly mortgage payments.
- As the payments for variable rate mortgage are affordable, it is easy to qualify for variable rate mortgage than fixed rate mortgages.
- These mortgages are more flexible than their fixed-rate counterparts, so that borrowers can choose for terms that provide lower initial payments ranging anywhere from one month to 10 years.
- Variable-rate mortgagesis also ideal option for borrowers who don’t wish to live in a home for more than few years as well as those who don’t expect to pay off their mortgages rapidly.
- One of the biggest disadvantages of variable rate mortgage is payment shock. A borrower may have to pay higher monthly mortgage payments if there is sudden rapid increase in the interest rate.
- Variable rate mortgages are generally more complex than their fixed-rate mortgages as they are available in a variety of loans. As interest vary from time to time, it is not easy to compare the cost of mortgage being offered by different lenders.
- The changing mortgage rate makes it difficult to predict future payments and it eventually makes difficult for borrowers to make monthly budgets.
With our easy to use platform for comparing variable rate mortgages in Chilliwack, you will be able to search, compare and choose the fixed mortgage rates with best terms and lowest interest rates in Chilliwack. You will not repent for bearing a loss due to choosing a wrong mortgage with higher interest rates and complex terms and conditions. We do all the legwork to make mortgage payment easy, fast and simple for you.
- 100 Mile House Mortgage Rates
- 108 Mile House Mortgage Rates
- 108 Mile Ranch Mortgage Rates
- 150 Mile House Mortgage Rates
- Abbotsford Mortgage Rates
- Agassiz Mortgage Rates
- Ahousat Mortgage Rates
- Aldergrove Mortgage Rates
- Alert Bay Mortgage Rates
- Alexis Creek Mortgage Rates
- Alkali Lake Mortgage Rates
- Armstrong Mortgage Rates
- Ashcroft Mortgage Rates
- Atlin Mortgage Rates
- Avola Mortgage Rates
- Balfour Mortgage Rates
- Bamfield Mortgage Rates
- Barriere Mortgage Rates
- Burnaby Mortgage Rates
- Chilliwack Mortgage Rates
- Coquitlam Mortgage Rates
- Kelowna Mortgage Rates
- Langley Mortgage Rates
- North Vancouver Mortgage Rates
- Prince George Mortgage Rates
- Richmond Mortgage Rates
- Saanich Mortgage Rates
- Surrey Mortgage Rates
- Vancouver Mortgage Rates
- Victoria Mortgage Rates
- West Vancouver Mortgage Rates
- White Rock Mortgage Rates