 Our network of independent mortgage brokers will work with you to customize a mortgage package to suit your individual needs. Here are some of the options that you will need to consider:
What type of mortgage do you require?
- New Home Mortgage
- Mortgage Renewal/Refinancing
- Second Mortgages
- Mortgage Consolidation
- Mortgage Transfer
- Construction Mortgage
- Commercial Mortgage
- Interalia Mortgage (i.e. one mortgage on two properties)
Fixed Rate or Variable Rate?
Fixed Rate Mortgage
The mortgage rate stays the same for the whole term and the mortgage payments are consistent during the term of the mortgage.
Variable Rate Mortgage
The mortgage rate varies with fluctuations in the bank prime rate. As a result, mortgage payments may vary during the term of the mortgage. A minimum term commitment is often required (usually 3 years). You may have the option to "lock-in" the mortgage at a fixed rate during the term.
Closed Term or Open Term?
Closed Term Mortgage
The mortgage contract is written for terms ranging from 6 months to 10 years. Penalties may be triggered if the borrower wishes to end the contract before the term expires (early repayment).
Open Term Mortgage
The mortgage contract is written for a short term (usually 6 months or 1 year). No penalties are triggered if the borrower wishes to end the contract before the term expires. |
