What is a fixed rate mortgage? What about a variable mortgage?

Last Updated: Jun 22, 2017 03:28PM PDT

A fixed rate means your interest rate won’t change during the length of the term. A variable rate can change during the length of the term. Your variable rate is based on the lender's prime rate, which means that it changes with the Bank of Canada’s prime rate. If your rate changes, your payment will be adjusted to reflect the new rate.

Mogo will update you so that you’ll always know when the Bank of Canada or lender prime rate changes. When you have a variable-rate mortgage, you can lock into a fixed rate at any time with no penalty.

MogoMortgage is offered by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario: FSCO License No. 12836)

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