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Conventional and High Ratio Mortgages

A conventional mortgage is one that does not exceed 75% of the purchase price or appraised value (which ever is lower) of the property. Mortgages that exceed this limit must be insured against default and are referred to as a high ratio mortgage. The borrower pays the insurance premium as well as the application fee and tax.

Short Term and Long Term

Short term mortgages are the right choice if you feel interest rates will be lower at renewal time. Long term mortgages on the other hand would be appropriate if you believe the current rates are reasonable.

Closed and Open Mortgages

Closed mortgages normally offer lower interest rates than open mortgages with the same term. Open mortgages allow you to pay off as much of the balance as you wish at any time without penalty.

Fixed Rate and Variable Rate

If you choose a fixed rate mortgage the payment will be the same throughout the term. Payments with a variable rate mortgage will fluctuate according to market conditions. The regular monthly payment normally remains the same, however the amount applied towards principal changes according to changes in the interest rate.