Term loan - Variable rate - Open

Variable open loans are the most flexible type of amortizing loan. They provide you with the option of increasing your loan payments, at any time, without paying a penalty to the lender. You can even pay off the entire loan at once.

Variable open mortgages are popular with borrowers who anticipate a near-term move because the property can be sold, and the loan discharged, without any mortgage break fees. You can also lock in a fixed rate if you anticipate that interest rates will rise in the future.

Variable open loans have a floating interest rate that changes with the bank's prime lending rate. The interest rate will be set at the start of each month, but your payments will stay constant. If interest rates decline, more of your monthly payment will be applied to your principal.

Changes in the prime lending rate in the future can be set in RATES/YIELDS/CURRENCIES.

Variable open mortgages are popular with borrowers who anticipate a near-term move, as the property can be sold, and the loan discharged, without any mortgage break fees.

You can also lock in a fixed rate if you see interest rates rising in the future.

Variable open loans have a floating interest rate that changes with the bank's prime lending rate. The interest rate will be set at the start of each month, but your payments will stay constant. If interest rates decline, more of your monthly payment will be applied to your principal.

Changes in the prime lending rate if the future can be set in RATES, YIELDS and CURRENCIES.