variable rate mortgage

noun

  • Real Estate Law
  • Debtor-Creditor

Definitions of variable rate mortgage

  • a mortgage (=an amount of money borrowed money from a bank or similar organization in order to buy a house or other piece of real property) where the interest rate (=percentage of principal paid by borrower to lender as a price for the use of the lender’s money) is not fixed, but is changed periodically according to an index

    The RBC Royal Bank Variable Rate Mortgage combines the flexibility of a variable interest rate with the security of a fixed monthly payment.

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Phrase Bank for variable rate mortgage