A mortgage where the interest rate the Borrower pays will change over time. The mortgage rate will be benchmarked against an underlying rate, most commonly the Prime Rate. The lender will set the variable mortgage rate at the Prime Rate plus or minus a margin. The margin to the Prime Rate will be fixed, but if the Prime Rate moves up or down the variable mortgage rate will likewise move up or down. The payment generally stays the same unless rates increase so much that your current payment is not covering all of the interest.
The seller of a property.
A cheque with the word “void” written across the front, which indicates that it shouldn't be accepted for payment. The cheque can be used by a lender to get the information needed for electronic payments.
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