Mortgage Glossary

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Capped Rate Mortgage

These are variable rate mortgages that the lending institution has rate 'capped'. In other words, the rate will fluctuate with prime, but the institution guarantees that you will not pay more than a certain interest rate, set by them.

These mortgages often have a penalty for early 'payment in full' and are often not portable.

 

 

 

 

 

 

 

 

 

 

 

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