Variable-Rate Mortgages

A variable rate mortgage is a home loan with an interest rate that adjusts (not fixed) throughout the life of the loan. The initial fixed-rate period is typically three, five or seven years. After the introductory rate term expires, the rate becomes variable for the remaining life of the loan based on an index and margin.

Featured Rates

3.60%

On a 36-month term
(closed term)

 

3 Year Closed Term Variable Rate Mortgage

5.90%

On a 60-month term
(Closed term)

 

5 Year Closed Term Variable Rate Mortgage

7.60%

On a 84-month term
(Open term)

 

7 Year Open Term Variable Rate Mortgage

Convertible Mortgage

A convertible mortgage can be converted to another term at any time. This feature provides you with security and flexibility, as it enables you to convert to a longer closed term should your variable rate mortgage no longer meet your needs.

No Private Mortgage Insurance (PMI) Required

Most lenders require the borrower to purchase PMI unless they're able to make a down payment of 20%. Most of our Adjustable-Rate Mortgages don’t require PMI, which saves you money each month.

Refinance Options Available

If you have a mortgage already and want to refinance for a different interest rate or shorter term, this loan may also be a good fit.

Low Initial Fixed Rate

During the initial term of your loan, your interest rate will be lower, making your payments more affordable. During the remaining term, the interest rate will change according to an index.

3 Year Closed Term Variable Rate Mortgage

Right for you if you want a low mortgage rate, monthly payment and conventional or insured financing

Overview

Low interest rate with Cap Rate Protection. Based on Weston Credit Prime Rate, but will never exceed the Cap Rate.†

Fixed Payments. Calculated using the Cap Rate and will not change for the full term of your mortgage

Pay your mortgage off faster. If the interest rate is lower than the cap rate, then more of your payment will go to principal

Special Renewal Feature. Early renew at any time to a closed term, fixed rate mortgage product with a term of 3 years or longer with no prepayment charge.

Prepayment options. You can prepay to pay off your mortgage faster. Our most popular solution allows you to prepay up to 15% of the original principal amount of your mortgage and increase your payment by up to 15% of the payment set for the current term of your mortgage each year*. Speak to one of our Weston Credit advisors about all the options we have available.

You could also have the following additional options:**

  • Match-a-Payment - You can pay an extra regular mortgage payment on any of your regular payment dates during your term.
  • Miss-a-Payment - You can miss a mortgage payment as long as you have matched one previously in your term.

Conventional and insured financing available.

PLUS:

  • Choose from weekly, biweekly, semi-monthly, and monthly payment options.
  • Weston Mortgage Protection can help make sure the home you worked so hard for is protected.

Enjoy lower interest rates and monthly payments on your home loan

You get a low variable interest rate with the flexibility of annual prepayments of up to 20% without paying a prepayment charge.

Today's rates for 3 Year Closed Term Variable Rate Mortgages

Special Offers

With a variable rate mortgage you can save on costs. While your payments remain the same, the amount applied to your principal can fluctuate with Weston Credit's prime lending rate.

Purchase Rates

Refinance Rates

Closed Term Variable Rate Mortgages

Term Rate
1 year 8.040%
2 years 7.640%
3 years 7.240%
4 years 7.040%
5 years 7.040%
7 years 7.200%
10 years 7.690%

7 Year Open Term Variable Rate Mortgage®

Right for you if you want the maximum amount of flexibility and you're taking this open term as part of the Weston Total Equity® Plan

Overview

Low rates and payments. Low rate with associated payment amounts calculated each time Weston Credit Prime Rate changes.

Prepay with no prepayment charges. Increase your payments by any amount, at any time, with no prepayment charges.†

Convert anytime. Get any fixed term product with no prepayment charges.

Conventional and insured financing available.

PLUS:

  • Choose from weekly, biweekly, semi-monthly, and monthly payment options.
  • Weston Mortgage Protection can help make sure the home you worked so hard for is protected.

Compare mortgage interest rates and APRs

The interest rate and annual percentage rate (APR) reflect the cost you'll incur for the loan. The interest rate is the cost to borrow the funds, while the APR includes the interest rate and other costs such as the origination fee and any points.

Today's rates for 7 Year Open Term Variable Rate Mortgages

Special Offers

You have the flexibility to allocate income towards other expenses and the ability to refinance before the introductory rate expires.

Purchase Rates

Refinance Rates

Closed Term Variable Rate Mortgages

Term Rate
1 year 8.040%
2 years 7.640%
3 years 7.240%
4 years 7.040%
5 years 7.040%
7 years 7.200%
10 years 7.690%

Need help choosing the right mortgage option?

If you're shopping for a home mortgage but aren't sure about your options, it may be time to find a Home Financing Advisor. A Home Financing Advisor can offer you guidance on choosing the right loan for your specific needs.

Speak with an advisor

Explore more

Fixed-Rate Mortgages

Your monthly payment remains fixed even if interest rates rise, as long as the amount is sufficient to cover the interest cost.

Second-Home Mortgages

While some people can afford to purchase a second home using cash, most need to take out a mortgage.
Before you apply for a second home mortgage, review your credit score, assets and income, just like a lender will.

Weston Mortgage Protection Insurance

This optional mortgage insurance can pay off your outstanding balance or help cover your payments during times of financial hardship as a result of certain unexpected life events.