A Variable Rate Mortgage allows you to take full advantage of changing interest rates and gives you the flexibility to convert, at any time, without penalty.  Variable rate mortgages carry many of the same great features as fixed rate mortgages but there are some differences.

Features

• A Variable Rate Mortgage rate is based on Progressive Credit Union's Prime Rate
• Payments can be fixed for up to 3 years; however, the interest charges may change from month to month depending on the market conditions
• Flexibility to convert, at any time, to a fixed rate mortgage without penalty
• Open mortgages provide you with maximum prepayment flexibility without penalty
• Members with existing mortgages up for renewal can have the option to convert to a Variable Rate Mortgage