Variable Rate Open
EVERYTHING YOU NEED TO KNOW
- 3 year term
- Payment is calculated at 1% over the posted rate
- Weekly, Bi-weekly, Monthly, and Semi-monthly payment schedules available
- Pre-approvals available
- Creditor Insurance available
WHAT’S IN IT FOR YOU?
- Our variable rate open product allows for no prepayment penalities – repay as much as you want when you want. This will help reduce your interest costs and pay down your mortgage quicker.
- By being convertible, you are able to lock in your interest rate at any time.
Because your payment is calculated at 1% above the posted rate it offers stable, consistent payments while still allowing for shifts in the interest rate. This makes it easy to budget as you will always know what your payment will be. As an added bonus, the difference in the posted rate and what your actual payment is will go straight to the principal. It’s a built in accelerated repayment, making you debt free sooner.
- By having to option for weekly, bi-weekly and semi-monthly payments, you can boost this accelerated repayment even more than if you were to use the monthly payment option. This will allow for greater disposable income later in life.
- We also offer pre-approvals so that you can look for that dream house with confidence, knowing ahead of time that you will be able to afford it.
- Creditor Insurance is also available to give you the peace of mind that your assets and credit score are protected in case something unexpected happens, because the insurance will make the payment for you.
The Small Print
- On approved credit
- Interest rates vary per application
- Legal Disclaimer:
- Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.