Variable Mortgages

VARIABLE RATE MORTGAGES

This mortgage interest rate fluctuates with the prime rate while payments remain the same. If prime goes down, more of your payment is applied to the mortgage. If prime increases, more goes to the interest, your monthly payment remains the same as long as your monthly payment is sufficient to cover your monthly interest costs.


Features and Benefits
• Interest rate varies with changes in the prime rate but your payments remain the same
• You can convert to a GFCU fixed-rate mortgage at any time without penalty
• Available on conventional or insured mortgages

 

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