Mortgage Information
Types of Mortgages Offered
Closed Mortgage
Requires you to maintain a specific payment schedule for terms 1 to 25 years. Their is usually a penalty if you repay the mortgage in full before the end of your term.
Convertible Mortgage
A closed mortgage that allows you to renew your mortgage at any time without penalty for a longer term.
Variable Rate Mortgage
An interest rate that can change periodically. As rate move up and down the rate on your mortgage can also go up and down during the term. As a result the monthly payment can also rise and fall with the change in interest rates.
Open Mortgage
Allows you to pay the principle in part or in full at any time without penalty. They usually have a higher rate of interest than a closed term mortgage, because of the flexibility.