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The Bank of Canada’s Prime Rate influences variable and adjustable interest rates. The Prime Rate is reviewed eight times per calendar year, at which point the bank may choose to lower, raise, or keep the pace the same.
Fixed Interest Rates are mainly determined by the bond market and set at the term's beginning. They cannot change during the term, meaning your payments will stay the same until the terms end.
Variable Interest Rates (VRM) are fixed mortgage payments. The amount you pay towards your mortgage principal will fluctuate based on changes to the prime rate. This is also known as a 'Negative Amortized Variable Rate Mortgage.'
On the other hand, adjustable Interest Rates (ARM) will increase or decrease along with changes in the Prime Rate. The adjustable approach is preferred by many because there is no change in your amortization schedule, and you see its benefits firsthand.
Legal Disclaimer
¹ Personal lending products and residential mortgages are offered by the lender and are subject to those lending criteria, terms and conditions. Offers may be changed, withdrawn or extended at any time, without notice. Interest rates are provided for information purposes only.
² OSFI’s guideline B-20 sets the minimum qualifying rate for mortgages. It is the greater of the contractual mortgage rate plus two percent or the five-year benchmark rate published by the Bank of Canada.
³ Bank of Canada’s published prime rate value.
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