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3-year variable rate mortgage offer the lowest rate?

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  • 3-year variable rate mortgage offer the lowest rate?


    Would like to know about 3-year variable rate mortgage. I'm planning to start a business and my friend asked me to secure a 3-year mortgage. While searching the internet for more details, I could find the posted rate of 3-year variable rate is lower than that of a 2-year to the 10-year closed mortgage.

    I have seen the posted rate for a 3-year variable rate mortgage to be 3.45% on one of the sites and it varies from 3.49% to 5.2% in case of 1-year to 10-year closed mortgage.

    So, I believe it would be a better idea to choose the one with the lowest interest. And another advantage is, we can switch the mortgage type after 3 years and do not have to wait for a long time. So, I want to know about the risks if any. Those who are experienced, please let me know the details at the earliest. Thanks in advance!
    Your interest rate will shift as the prime rate shifts in variable rate mortgage. At the end of 3 years, you have the option to refinance without penalty. Learn more today.