If you choose to have your regular mortgage payment reset once a year, we will charge the appropriate interest rate
(or rates) that applies to your mortgage during the year, but we will not change your regular mortgage payment just
because interest rates change.
This could mean that:
- if interest rates go up during the year, your mortgage debt will not go down as quickly as you were expecting (and could even go up);
- if interest rates go down, you will be paying off the amount you owe more quickly.
Either way, when we next reset your regular mortgage payment, we will take account of the amount you owe us at that time.
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