home buying

Want to be certain about your monthly payments? With a closed mortgage, you can lock in your interest rate for a fixed term from 6 months to 10 years. This means you’ll always know what your payments will be. Along with security, a closed or fixed mortgage usually offers a lower interest rate than an open mortgage.

Open mortgages for greater flexibility

Planning to sell your home? An open mortgage gives you the choice to pay your mortgage off whenever you like, without penalty. Open mortgages can have:

Fixed terms of 6 months or one year; during the term the interest rate doesn’t change
Variable terms of 3 years; during the term the interest rate can rise and fall

Variable mortgage for potential savings

Looking for potential savings? With a variable rate mortgage your interest rate floats with the Prime rate. So, a variable rate mortgage is ideal when interest rates are dropping. If interest rates rise so will your costs; however, you can switch into a fixed rate mortgage at any time during your term.

Payment Protection

You can’t always control the future but you can provide safeguards for your family with credit life and disability insurance. Through this economical, convenient option, your mortgage payments will be covered if the unexpected takes place.

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