With the AGF Trust Variable Interest Rate Mortgage you can now get a variable rate with fixed payments and the ability to lock into a fixed rate at any time over the term of the mortgage. While the interest rate can vary, your payments remain constant during the year. For example, if interest rates were to decline and your variable rate consequently declined, more of your set monthly payment would go towards the principal portion and less towards the interest portion. Therefore, you would have the benefit of paying down your mortgage more quickly. | AGF TRUST VARIABLE INTEREST RATE MORTGAGE (CLOSED) | | Term | Five years(closed) | | Interest Rate | Variable rate mortgage | | Financing Available | Conventional and insured | | Payment Frequency | Monthly | | Prepayment Privilege | 20% & 20% - Without charge, you can prepay up to 20% of the original principal of your mortgage once per year AND/OR increase your payments by 20% once per year to pay down your mortgage at a faster rate. These are not cumulative if not exercised during the year.
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