Variable-Rate Mortgage

What is a variable-rate mortgage?

Variable-Rate Mortgage Definition: A variable-rate mortgage refers to a mortgage term that changes based on market conditions. As your mortgage payments remain the same, the interest rate may vary, impacting the payment amount.

One of the main reasons borrowers choose a variable rate mortgage is its flexibility and potential to pay more towards the principal, significantly lowering the interest rate over time. However, an increase can lower the principal amount in each payment.

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