Definitions of variable rate mortgage
a mortgage (=an amount of money borrowed money from a bank or similar organization in order to buy a house or other piece of real property) where the interest rate (=percentage of principal paid by borrower to lender as a price for the use of the lender's money) is not fixed, but is changed periodically according to an index
The RBC Royal Bank Variable Rate Mortgage combines the flexibility of a variable interest rate with the security of a fixed monthly payment.