Our Below-Prime Rate Mortgage is one of our most popular products and we believe it can help you save a lot of money. Our Below-Prime Rate Mortgage is an adjustable rate mortgage tied to the lender's Bank Prime. If Bank Prime rises, your mortgage rate goes up, and if Bank Prime falls your mortgage rate goes down. Every three months your rate is adjusted, if necessary, depending upon whether Bank Prime has changed during the previous three months. The mortgage rate is Bank Prime (currently 4.75%*) minus 0.40 giving you a rate of 4.35%*. And to welcome you to Beyer Mortgage Services Inc., the rate for the first three months will be set at a remarkable 2.74%*. You can convert at any time and at no cost to a fixed term** at the lender's best-published discounted rate as of the date of conversion. Other similar mortgages do not give you an automatic discount. You can also choose monthly, weekly, or bi-weekly payments. Weekly or bi-weekly options are not usually available elsewhere on other Below-Prime mortgages. The interest on our Below-Prime Rate Mortgage is compounded semi-annually, like a regular mortgage, as opposed to many other Below-Prime mortgages where the interest is compounded monthly, like a credit card. If you believe Bank Prime is likely to go down or stay low here's your opportunity to save money. Take our Below-Prime Rate mortgage and get the first three months at 2.74%*. Then your interest rate will be reviewed and reset quarterly at Bank Prime minus 0.40% For a no-obligation evaluation of your current mortgage financing and whether you could benefit from this product, please contact us at contact@beyermortgage.com, or by phone at 250.592.9711, or toll-free at 1.800.773.3711. Frequently Asked Questions: Q: What happens if interest rates rise and my payments go up to the point where I can no longer afford them? A: Your Below-Prime Rate Mortgage can be converted to a fixed-rate mortgage** at anytime and at no cost, so chances are you will have converted long before rates increase beyond the point of affordability. Q: Can I lock in to a longer term when rates fall? A: Yes. This is the best feature of our Below-Prime Rate Mortgage. You save money by getting a lower rate at the start and you can lock in to a longer term when rates bottom out, again at no cost, for even further savings. Q: What rate do I get when I want to convert to a fixed term? A: With other variable rate mortgages you will have to negotiate to get anything better than the lender's posted rate. Given that the lender has you locked into a mortgage term, they may be reluctant to give you much below their posted rates. With our Below-Prime Rate Mortgage, however, you will automatically get the fully discounted rate offered for the term of your choice** at the time of conversion. Q: Can I pay this mortgage off at any time? A: Our Below-Prime Rate Mortgage is a closed mortgage, however during the first three years you may prepay up to 20% of the original loan amount without penalty each twelve months. During the first three years, should you wish to pay off more than the allowable 20%, you will have to pay an administration fee equal to two months interest on the amount paid out. After three years, the mortgage is fully open for payout in full without penalty. You may also increase your regular payment by up to 20% each year with any increase going directly to principal reduction, and payments may also be made weekly, bi-weekly or monthly. *rates subject to Change without notice, please confirm current rates on our mortgage rate page. **minimum term must be three years less the time in the Below-Prime Rate Mortgage product.