Globe and mail variable rate mortgage

The Globe and Mail offers a variable rate mortgage product through its partnership with a Canadian bank. Here are some key features and benefits of the Globe and Mail variable rate mortgage:

Variable Rate: The interest rate on the mortgage is tied to the prime rate, which is set by the bank. The prime rate is currently around 2.7% (subject to change).

Flexibility: The variable rate mortgage offers flexibility in terms of payment frequency and amount. You can choose to make weekly, bi-weekly, or monthly payments, and you can also make lump sum payments or increase your payments at any time.

No Prepayment Charges: There are no prepayment charges on this mortgage, which means you can make lump sum payments or increase your payments without incurring penalties.

No Fees: There are no fees associated with this mortgage, including no setup fees, no administration fees, and no discharge fees.

Portability: The mortgage is portable, which means you can transfer it to a new property if you need to move.

Insurance: The Globe and Mail variable rate mortgage is insured by the Canada Mortgage and Housing Corporation (CMHC), which provides protection against default.

Eligibility: To be eligible for the Globe and Mail variable rate mortgage, you must be a Canadian resident, at least 18 years old, and have a minimum credit score of 600.

Loan-to-Value (LTV) Ratio: The LTV ratio for this mortgage is 80%, which means you'll need to have at least 20% of the purchase price as a down payment.

Amortization: The amortization period for this mortgage is up to 30 years.

Interest Rate: The interest rate on the Globe and Mail variable rate mortgage is currently around 2.7% (subject to change).

Comparison to Fixed Rate Mortgages: Compared to fixed rate mortgages, variable rate mortgages offer more flexibility and the potential for lower interest rates. However, they also come with more risk, as the interest rate can fluctuate over time.

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It's important to note that the Globe and Mail variable rate mortgage is just one of many mortgage products available in the Canadian market. It's essential to shop around and compare different mortgage products to find the one that best suits your needs and financial situation.