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Variable Rate MortgageA mortgage where the interest rate varies during the term of the mortgage, usually based on the prime bank rate or the GIC rate of the lender. Variable Interest RateThe percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates. Variable RateSee "Variable Interest Rate." Vendor Take BackIn order to sell a property, the seller will provide all or some of the financing to ensure the transaction.