Can a Variable Rate Mortgage Be Changed Into a Fixed Rate Mortgage? - The Mortgage Guy Niagara
Channel: Steve Dainard - Mortgage Broker Niagara
Date: 2020-04-23

Can a Variable Rate Mortgage Be Changed Into a Fixed Rate Mortgage?

A variable rate mortgage can be changed to a fixed-rate mortgage.

What a lender will do is look at the remaining term on the mortgage, and they will give the borrower whatever that fixed rate is for the remaining term.

For example, if you're two years into a five-year term and you want to change to a fixed-rate mortgage, the lender will give you whatever the 3 year fixed mortgages is.

That's the balance of the five-year term and then the borrower will pay that fixed rate for the remainder of the five-year term.

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