Variable Rate Closed Mortgages
The "Accelerator" Variable Rate 5-Year Closed Mortgage
Comtech Fire's "Accelerator" 5 Year Variable Rate Mortgage is designed to offer you the best of both worlds when it comes to choosing a mortgage. It allows you to take advantage of a low interest rate environment, while knowing that you can convert to a fixed rate mortgage at any time, at our current campaign rate. Variable rate mortgages typically offer a lower interest rate than a fixed rate mortgage however the variable rate mortgage can fluctuate with interest rate changes. With our "Accelerator" mortgage, your mortgage payment remains fixed as long as the payment amount is sufficient to cover the interest cost. If interest rates go down, more of your payment will go towards the principal and if interest rates go up more of your payment will go towards the interest costs.
Features
- Changes in interest rates will be reflected on the first business day of each month
- Payment options are weekly, bi-weekly, semi-monthly or monthly - the more frequently you pay, the less you pay over the life of your mortgage
- Convert to a fixed rate term of equal length or longer
- Minimum mortgage amount is as low as $25,000
- Group Creditor Insurance available
- For life's unexpected emergencies there is "skip a payment" offered
- We offer outstanding pre-payment options, up to 30% of the principal balance each year plus you can prepay up to 30% of your regular payment each payment date. All additional payments go directly towards the principal
Benefits
- Over the life of your mortgage a variable rate could save you thousands of dollars in reduced interest costs.
- Our variable rate mortgage offers you both flexibility and security. You can be a bit of a "Risk Taker" and still "Sleep at Night" knowing that you're paying the lowest possible rate on your mortgage and you have the option of locking in at any time to a fixed rate term. You'll be hard pressed to find another financial institution that will offer you their campaign rate rather than their posted rate should you choose to convert to a fixed rate mortgage. Plus, at Comtech Fire there are no additional costs or unexpected fees.
- Your payment amount is based on our current five year fixed campaign rate. This benefits you in two ways: should interest rates increase substantially in the future, your monthly payment is already positioned to sustain this fluctuation and/or should you wish to convert to a fixed rate mortgage your monthly budget is better prepared to sustain a higher fixed term payment amount. While interest rates remain low, the difference between the variable rate and the fixed rate amount is applied directly towards your principal each payment date, making you mortgage free even sooner.