Variable rate mortgages with a rate cap prevent the borrower from having to pay an interest rate significantly higher than the one in the original agreement.

Name: Variable rate mortgages with a rate cap prevent the borrower from having to pay an interest rate significantly higher than the one in the original agreement.
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Variable rate mortgages with a rate cap do limit how much the interest rate can increase, protecting the borrower from significant increases in their monthly payments.

Variable Rate Mortgages with a Rate Cap Prevent the Borrower