PMI Mortgage Center

Archive for August, 2007

Variable rate mortgage is another term for Adjustable Mortgage Loan. Variable rate mortgage is a type of mortgage where the initial payments are lower.

After a prearranged interval, the interest rates of Variable Rate Home Loans change on a regular basis. These changes on Variable Rate Home Loans are affected by several factors, like changes in investor markets.

Because of the low initial payment, some people like to try a Variable Rate Home Loans. Financial reports suggest that the risks you assume in taking a Variable Rate Home Loans are considerable but the gains are even more so. This is because Variable Rate Home Loans can turn out to be less expensive than fixed rate home loans in the long run.

Several mortgage lenders offer Variable Rate Home Loans in their product lines. Some of these lenders are listed below, along with a brief overview on their Variable Rate Home Loans product.

> Variable Rate Home Loans by ING Direct Mortgages

The ING Direct line of Variable Rate Home Loans offers one of the lowest rates available in the market today. With a Variable Rate Home Loans interest rates of less than 0.60% for a full five-year term, ING Direct Variable Rate Home Loans are among the most intriguing around.

As an added bonus, borrowers who get their Variable Rate Home Loans from ING Direct have the opportunity to convert their Variable Rate Home Loans into a fixed rate home loans of three years or more. This conversion from a Variable Rate Home Loans to fixed rate product can be done any time without penalties.

Every three months, ING Direct Variable Rate Home Loans interest rate will be adjusted to reflect the current prime rate.

> Variable Rate Mortgage by CanEquity Mortgage Canada

The Variable Rate Home Loans of CanEquity is based on a five year term. In this Variable Rate Home Loans, only the first three years are closed, leaving years four and five open. This means that the two remainder years leave you absolutely free from any Variable Rate Home Loans pre-payment penalty fees.

CanEquity’s initial interest rate for their Variable Rate Home Loans is very attractive. After this initial rate, payments for your Variable Rate Home Loans will be based on the Prime rate of less than 0.40%.

> Variable Rate Mortgage by National Mortgage

National Mortgage has three Variable Rate Home Loans programs on its product lists. All three Variable Rate Home Loans have initial payment rates based on current Prime rate. These variable rate mortgage programs have varying terms from 3 months, six months, to five years.

The 5-year variable rate mortgage has an initial payment rate for five years. The same goes for the 6-month variable rate mortgage. Prime is less for 6 months followed by prime less 0.40% for the remainder of the term. The 3-month variable rate mortgage on the other hand has prime less 2.25% for 3 moths followed by Canadian Bank Prime less 0.375% with 1% cash back and airmiles.

> Variable Rate Mortgage by Scotiabank

The Scotia Ultimate Variable Rate Mortgage offers their consumers a Cap rate guarantee. Consumers are given the choice of buying the Variable Rate Home Loans for a rate discount of 0.50% off the Prime rate for the full three-year term.

They can also opt to pay upfront cash back of 1.50% of the variable rate home loan amount for the full 3-year term.

 

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