The Variable Rate Mortgage is one of our most popular products and we believe it can help you save a lot of money. A Variable Rate Mortgage is tied to the lender's Bank Prime, so if Bank Prime rises, your mortgage rate goes up, and if Bank Prime falls your mortgage rate goes down. If you believe Bank Prime is likely to go down or stay low here's your opportunity to save money. Our best Variable Rate Mortgage rate is currently Bank Prime (currently 3.00%*) plus -0.10% giving you a rate of 2.90%*. One of the best features of the Variable Rate Mortgage is that you can convert your Variable Rate Mortgage, at any time and at no cost, to a fixed-rate term** at an interest rate offered by the lender on the date of conversion. You can save money by getting a lower rate at the start and then you can convert your mortgage to a longer fixed-rate term when you believe that rates have bottomed out, for even further savings. Other features include the option of monthly, semi-monthly, bi-weekly, or weekly payments, and the ability to increase your payment from 15% to 100% (depending on the lender) to shorten your amortization. The Variable Rate Mortgage is a closed mortgage, however you can prepay up to 15% of the original loan amount without penalty each year. The mortgage may also be paid out in full subject to a three month interest penalty. For a no-obligation evaluation of your current mortgage financing and whether you could benefit from this product, please contact us at 250.592.9711, or toll-free at 1.800.773.3711. *rates subject to Change without notice, please confirm current rates on our mortgage rate page. **the minimum term must be at least five years less the time you have already been in the Variable Rate Mortgage. For a no-obligation evaluation of your current mortgage financing and whether you could benefit from this product, please contact us at contact@beyermortgage.com, or by phone at 250.592.9711, or toll-free at 1.800.773.3711. *Rates subject to change without notice. Please confirm current rates on our mortgage rate page.