Types of Mortgages
| CLOSED FIXED RATE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS**: | |
Get the advantage of predictable payments and always know what your payments will be |
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| OPEN FIXED RATE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
An open mortgage gives you the choice to pay your mortgage off whenever you like, without penalty |
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| CLOSED VARIABLE RATE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
With a variable rate mortgage your interest rate fluctuates with the Prime rate. A variable rate mortgage is ideal when interest rates are dropping. If interest rates go up so will your costs of borrowing. |
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| OPEN VARIABLE RATE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
With a variable rate mortgage your interest rate fluctuates with the Prime rate. A variable rate mortgage is ideal when interest rates are dropping. If interest rates go up so will your costs of borrowing. |
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| CASH BACK MORTGAGE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
When you take out a Cash Back Mortgage, you're given a fixed rate that won't change for the entire length of the mortgage term, and the option of taking an amount of up to 5% of the principal back in cash.** Learn More |
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| MULTI-OWNERSHIP MORTGAGE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
Homebuying is intimidating enough, so why go in alone? Have you ever considered buying a home with your parents? Here at Alterna, we aim to give you as many options as possible. Learn More |
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| MULTI-OPTION MORTGAGE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
The Alterna Multi-Option Mortgage offers the combination of a mortgage with other financing options at attractive rates, all within one account. Learn More |
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| FLEXI-MORTGAGE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
The Flexi-Mortgage acts like a mortgage "ladder" where renewal dates are staggered. You get it all – the security of a closed mortgage, and the flexibility of an open one. Learn More |
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| INVESTMENT (OR NON-OWNER OCCUPIED) MORTGAGE | TERMS: | PAYMENT FREQUENCY: | PRE-PAYMENT OPTIONS: | |
Buying a property to rent out can be a great investment. Not only could it appreciate in value over the years, but it can give you a steady monthly income in the meantime. |
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*For variable rate mortgages, the rate guarantee applies to the variance to Prime.
**Conditions apply. Contact us for complete details.
***Promotional rates are not available on 5-year Investment Mortgage terms.
