What does Variable Rate Mortgage mean? Read on to discover the definition & meaning of the term Variable Rate Mortgage - to help you better understand the language used in insurance policies.
Variable Rate Mortgage
A variable rate mortgage is a home loan with an interest rate that changes over time, causing the monthly loan payments to go up or down. This is in comparison to fixed rate mortgages, where the monthly payments will always stay the same.
We hope the you have a better understanding of the meaning of Variable Rate Mortgage.