Prime Rate
A lender's prime rate is a variable interest rate provided by banks that changes over time. It is usually based on the interest rate the Bank of Canada sets each night. Banks base the interest charge for their variable-rate mortgages on their own Prime Rate. On the other hand, non-bank lenders will base the interest charge for their variable-rate mortgages on the Prime Rate provided by select banks.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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