Have a Question?
Enter your question in sentence form (e.g., How do I contact Simplii Financial?).
Do not include any confidential information, such as card or account numbers.
We matched your question to:
What's the difference between a fixed-rate mortgage and a variable-rate mortgage?
Rate this response
With a variable-rate mortgage, your interest rate fluctuates when the CIBC Prime Rate changes. If the CIBC Prime Rate drops, the amount of interest you pay also drops. Your regular mortgage payment amount increases or decreases as interest rates change.
With a fixed-rate mortgage, you pay the same interest rate for the entire mortgage term. Even if the CIBC Prime Rate changes, your regular mortgage payment amount stays the same. You know exactly what your interest payments will be and how much of the principal you’ll pay off during the term.
- What's the difference between a short-term and long-term mortgage?
- What’s the difference between my online password, telephone password and PIN?
- What type of mortgages does Simplii Financial offer?
- What are the standard mortgage qualification rules and how do they affect me?
- What’s the difference between a stop payment and a reclaim Interac e-Transfer transaction?
- What is the difference between a Personal Loan and Personal Line of Credit?
- What's the relationship between Simplii Financial and CIBC?
- How do I add additional cardholders to my Simplii Financial credit card?
- When do I pay a prepayment charge and how’s it calculated?
- What else should I know about RESPs?
![powered by [24]7](img/pwrdbyir.gif){kind=small}