Type | Feature | Benefit |
Fixed Rate Mortgage | Interest rate locked in for the term of the mortgage, standard prepayment conditions apply. |
|
Variable Rate Mortgage (not available at this time) |
Interest rate changes with the market. |
|
Open Mortgage (6 month open term) |
Pay off your mortgage in part, or in full, at any time without penalties. |
|
Closed Mortgage | Interest rate locked for the term of the mortgage, cannot pay off your mortgage in part of in full. |
|
Short-term Mortgage | Usually 2 years or less |
|
Long-term Mortgages | Usually 3 years or more |
|
Amortization | Can affect how much interest you pay over the life of your mortgage |
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