This conversion from a variable rate mortgage to fixed rate can be done any time without penalties. Every 3 months, ING Direct variable rate mortgage interest rate will be adjusted to reflect their prime rate. Variable Rate Mortgage by CanEquity Mortgage Canada The variable rate mortgage of CanEquity is based on a five year term. With balloon payment mortgages, if you can't pay the lender the amount on the due date, you might have to foreclose and lose the property. Some lenders offer extensions for their 30-years-due-in-7 balloon payment mortgages. Lenders of this type of loan may extend your balloon payment mortgage for another 23 years but with a new interest rate. The advantage of each type of home mortgage depends upon the financial situation of the times. Some home mortgages fare better when interest rates are low. Others rise up to the challenge of high home mortgage rates. Fixed Rate Home Mortgage Fixed rate home mortgages are home mortgages whose interest rates remain set for the duration of the loan term. When the economy goes down on the other hand, the same thing happens with mortgage interest rates, but in reverse. The Feds will cut down the mortgage interest rates in order to bring the economy back to life. Investors will start buying more bonds while the mortgage interest rates are low. Demand grows and loan sellers offer their products with lower mortgage interest rates. " Based on his given definition, we can therefore safely conclude that an amortization mortgage is an amount of money that is to be paid off by a certain date. Paying off an amortization mortgage is usually done in equal monthly installments. One example of an amortization mortgage is one that involves your car loan or your home loan. Fixed mortgage rates are usually higher than adjustable mortgage rates but they can save you money too, especially if the interest and mortgage rates go up. Larger down payments can help you save up on your monthly mortgage rate payments. You can get the best possible mortgage rate with a down payment that is greater than 20%.