Variable Rate Mortgage

At East Coast Credit Union, a variable rate mortgage allows you to take full advantage of changing interest rates and at the same time provides you flexibility & security to meet your changing financial needs.

A variable mortgage rate is based on prime rate, and will change if prime rate fluctuates, however your monthly payments will stay the same. Therefore, if prime rate reduces you will pay more towards your principal amount allowing you to pay off your mortgage faster and save money in interest costs.

If you find that a variable rate mortgage no longer suits your financial plan, you may convert at any time to a new fixed term equal to or greater than your remaining term without paying a penalty.

Features and Benefits:

  • Variable rate mortgage is based on prime rate, allowing you to take advantage of lower rates.
  • Payments are fixed for the term of your mortgage.
  • Flexibility to convert, at any time, to a fixed rate mortgage greater than your existing term without penalty.
  • Interest is compounded "not in advance" which means interest is charged each month instead of adding the total cost of interest to the mortgage, in the beginning. As a result, the owner will pay less interest.
  • Owners with existing mortgages up for renewal can have the option to convert to a variable rate mortgage.
  • Lump sum payments up to 20% may be applied to the principal of the mortgage, based on the original amount borrowed each calendar year.
  • Regular payments may be increased up to double the amount during the calendar year without fees or penalties.

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Get started today!

You can apply for this mortgage option by contacting one of our financial professionals either online, by phone at any of our branches or via our toll-free number to book your appointment today.


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