There are many options in mortgages. Fixed rate vs. variable. Closed vs. open. And drilled down, variables matter too. Property owner vs. new buyer. And savings vs. credit.

Mortgages are flexible, and have some attributes that appeal to some, and others that appeal to the rest. Mortgage planners find the best of both worlds.

  • Fixed Rate - Click Here

    6 months, typically 1 to 5 years, with longer terms available (up to 25 years)

    Interest rates and payments remain the same over the term

    • You know exactly how much your payments will be.
    • Does not penalize for increasing payments or submitting a large lump sum payment.

    Right For You?

    • Good if you are budgeting and do not want surprise increases on your bill.
    • For those who prefer to not watch rates.
    • For those with lower down payments.

  • Variable or Adjustable - Click Here

    Normally for up to 5-year terms.

    Interest rate and payments change based on the current prime lending rate

    • You can take advantage of rate decreases.
    • Can be converted to fixed rate at any time.
    • Can often keep a lower rate for a term.

    Right For You?

    • Good for those who have flexible budgets.
    • For those who are able to absorb an increased payment.
    • For those who have paid off or provided a down payment of about 25 per cent or more of their home.

  • Open - Click Here

    Generally rates are set upon terms, which range from 6 months to 10 years

    Repayment in part or in full can be made at any time with no penalties

    • Good for those that do not want to lock in to a closed mortgage and that feel that may be able to make a large payment.
    • Interest rates on open mortgages are often higher than on closed.

    Right For You?

    • Offers complete flexibility in repayment
    • Excellent for those who may be moving, therefore changing mortgages.
    • For those who anticipate rates will drop in the near future.

  • Closed - Click Here

    Rates are set upon terms decided, which may range from 6 months to 10 years

    Closed mortgages lock in to an interest rate for the entire length of your mortgage

    • Generally provides a very low interest rate.
    • Often does not provide pre-payment options.

    Right For You?

    • For those purchasing at a time when interest rates are low.
    • For those who plan to stay in their current home for a long time.
    • Payments are stable, and will not fluctuate.
    • For those on stricter budgets.

  • Convertible - Click Here

    Offers short terms, such as 3 months.

    Short term interest rates are generally quite low.

    • Built to be converted into a longer term mortgage at any time without penalties.

    Right For You?

    • For those who like to watch rates, and anticipate a drop.
    • For those who would eventually like to lock in to a longer term.