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With a variable rate mortgage, you may pay off your debt earlier.
Mortgages

Variable rate mortgage

Take advantage of declining interest rates with a variable rate mortgage. And if rates start to rise, you can lock in any time.

Take advantage of lower rates

Accepting some ups and downs can help you pay off your mortgage faster. With a variable rate mortgage, your payments stay the same but the amount you pay towards your principal rises if interest rates fall — and falls if interest rates rise. In the end, because you start with a lower rate than a fixed rate mortgage, you can save thousands of dollars over the life of your mortgage and be debt-free sooner.

Benefits:
  • Save with interest rates that follow Prospera’s Prime Lending Rate.
  • Payments stay the same even if interest rates change.
  • Pay more principal when interest rates are low.
  • Convert to a fixed rate mortgage at any time.
You also get these options:
  • Increase your mortgage payments by up to 100% on any payment date to pay off your mortgage even faster and save interest.
  • Make a principal pre-payment up to 20% on your annual anniversary date and pay your mortgage off even faster.
  • Five-year closed term.

Apply now Book an appointment View all rates

No matter which mortgage you choose, you always get:

  • A 3-month rate guarantee: Even if rates rise before your mortgage is advanced.
  • Flexible payment schedules: Make payments monthly, bi-weekly or weekly.
  • A portable mortgage**: You can transfer it to a new property when you move.
  • An assumable mortgage**: You can sell your low interest rate mortgage with your house and swing a sale in your favour.

And member perks? We got ‘em:

  • Switching is easy since we take care of the paperwork.

What’s the difference? Fixed vs. variable rate mortgages.

With a fixed rate mortgage, your payments and interest rate stay the same for the term of your mortgage. Every time you make a payment, the same amount goes towards your principal. Unless you make extra payments, you know exactly how much principal will be left at the end of your term.

With a variable rate mortgage, your payments stay the same for the term of your mortgage, but the interest rate changes. When interest rates drop, more of your payment goes towards your principal. When interest rates rise, less of your payment goes towards your principal. A variable rate mortgage can save you a lot of money in interest, but you won’t know exactly how much principal will be left at the end of your term until you get there.

Residential mortgage calculator

Use the mortgage calculator to help you estimate your monthly payments with different down payments, interest rates, terms (also known as amortization periods) and payment frequencies.

Ways to bank with us

The many ways you can access your accounts, documents, statements, and more:
Bank online by signing into your account at Prospera.ca
Do your banking anywhere with the Prospera mobile banking app
Do your banking at one of over 4,000 ATMs across canada
Choose a time and date that works best for you, in person, by phone, or video call.
Choose a time and date that works best for you, in person, by phone, or video call.

More ways to bank

Explore all mortgages

Fixed rate mortgage

Whoever said predictability is boring does not appreciate the benefits of a fixed rate mortgage.

View details

Compare mortgages

See a side-by-side comparison of the key features of our mortgages to help you decide which works best for you.

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Mortgage sign up

Apply online

Work with us to get a mortgage for your dream home.

Are you in the market for a mortgage? Apply online with ease and see what rates we can get for you.


Apply now

How to reach us

Call our Member Service Centre

Toll free
1 888 440 4480

Monday to Friday
8 am - 8 pm

Saturday 9 am - 5 pm

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Send us an email

Fill out our contact form

Meet online or in person

Book an appointment


View branch locations or find an ATM

  1. Subject to qualification. Terms and conditions apply.
  2. Cash back available up to 5% of the mortgage principal, to a maximum of $25,000, on a 5-year term only, O.A.C. Rate premiums apply, depending on the amount of cash back received. Some additional conditions apply. For full details, please visit a branch or call 1.888.440.4480.
  3. A) To be eligible, the member must set up direct payroll deposit to a Prospera chequing account. Available for new mortgages and refinances of $100,000 or more with a 5 year minimum term. B) Waived chequing fees are for the term of your Prospera mortgage and include the monthly fee and standard transactions. Non-standard services still incur regular charges. D) $5,000 unsecured line of credit is automatically approved for conventional mortgages at a rate of Prospera Prime Lending Rate + 2% for insured, Prospera Prime Lending Rate +3% for uninsured. For high-ratio mortgages, $1,500 overdraft protection is automatically approved at Prospera’s posted overdraft protection rates and fees.
  4. Some conditions apply. Some conditions apply. The interest rate will fluctuate with the Prospera Prime Lending Rate and is subject to change at any time without notice. Please visit our rates page for the current Prospera Prime Lending Rate. This rate is subject to member(s) being approved by Prospera Credit Union’s lending guidelines. Offer and rate may be changed, extended, or withdrawn at any time without notice. Available O.A.C.

The mortgage calculator is made available to you a tool for independent use and is not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

This mortgage calculator is based on the assumption that mortgage rates remain the same throughout the entire amortization period, but rates will actually fluctuate throughout your selected period.