24 Dec 2022

Can I Repay My Variable-Rate Home Loan Early With No Penalties?

Interest Rates and 2022

Potential borrowers and homeowners who are researching the various types of home loan product offerings available to them may want to learn if they can repay their variable-rate home loan early with no penalties. It is possible for borrowers to repay their variable-rate home loan early with no penalties. 

A variable-rate home loan is a type of home loan product that has a fluctuating interest rate. Variable-rate home loans can pose a risk to both the borrower and mortgage provider because of the fluctuating interest rates. Oftentimes, mortgage providers will allow their borrowers to pay off their variable-rate home loans early because of the risks they pose. 

Borrowers with variable-rate home loans can benefit from the flexibility as well as the lowered rate at the beginning of the loan term. If the borrower is financially able to make additional mortgage repayments during this term, the borrower has the potential of saving money over the life of their loan agreement. 

Borrowers will not incur penalties for paying off their variable-rate home loan early and will not be required to fund additional fees or charges for paying the loan off before the end of its terms. 

Potential borrowers who are interested in learning more about variable-rate home loans or are ready to apply for a home loan, reach out to the Mortgage House team of professional mortgage lenders for additional information as well as specialized assistance and advice throughout the loan application process.

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