Mortgage Options

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 Mortgages retain the same mortgage rate for the whole term and the mortgage payments are consistent during the term of the mortgage.
With a variable Rate Mortgage, the mortgage rate varies with fluctuations in the bank prime rate. The interest charged on the mortgage will vary. As a result, mortgage payments may need to be adjusted during the term of the mortgage.

Closed Term or Open Term?

A closed Term 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). This can apply to fixed or variable rate mortgages.
An open Term 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.

Conventional or Insured?

Down payments of 25% of more are considered conventional mortgages. A down payment of less than 25% may then require mortgage insurance on the mortgage. An insurance fee premium would be added to the mortgage and depends on the percentage of down payment.