The Variable-Rate Mortgage is: For an example would be the prime rate plus 1% and is adjusted every month. That way, you enjoy a discount on the lowest possible rate on the market! The variable payment is adjusted monthly in relation to interest rate movements and in keeping with the remaining amortization schedule. This option minimizes the amount of the payment. Variable rate mortgages can be based off several types of indexes that are on the market. The adjustment periods vary on each loan product
