A variable rate mortgage is a type of home loan where the interest rate can fluctuate over time based on changes in the market. This means that your monthly payments can go up or down, depending on the current interest rates. While this type of mortgage can offer lower initial interest rates compared to fixed-rate mortgages, it also comes with the risk of potentially higher payments in the future. Variable rate mortgages are ideal for those who are willing to take on some level of risk in exchange for potential savings on interest costs. Contact us today to learn more about variable rate mortgage options.