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Get an amazing rate of 2.04% for 5 year fixed with this mortgage


Get an amazing rate of 2.09% for 5 year fixed with this mortgage


Get an amazing rate of 2.09% for 5 year fixed with this mortgage


Get an amazing rate of 2.04% for 5 year fixed with this mortgage

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Mortgage Types

Get to know more about the various types of mortgages

Open Mortgage

An open mortgage is a mortgage that you can fully pay off, refinanced or re-negotiated at any time without penalties (no restrictions in prepayment).

Closed Mortgage

A closed mortgage is one that cannot be fully paid off, refinanced or re-negotiated before the end of the term without incurring a penalty and once you purchase it, you plan to be bound by its terms and conditions for the duration of the term.

Convertible Mortgage

Convertible Mortgage is an agreement that is made at the beginning of the term which allows the homeowner to change the type of mortgage during their term. Offers lower interest rates than an open mortgage and has the option to switch to a closed mortgage.

Hybrid Mortgage

Hybrid Mortgage is when there is more than one type of mortgage contained in a single registration. The registration could include a fixed rate portion, a variable rate portion, a line of credit portion, or any combination of these.

Reverse Mortgage

Reverse Mortgage allows homeowners 55 years of age to convert the equity of their home into a full payment or monthly cash payments. When the homeowner no longer wishes to reside in their home or upon their death, the loan balance is due. The balance is paid of either from the sale of the house or by the heirs.

Short-Term Mortgage

A short-term mortgage is usually for two years or less and offer a lower cost of borrowing (interest rate) than a longer term.

Long-Term Mortgage

A long-term mortgage is generally for three years or more and cost a bit more than short-term mortgages, so the interest rate will be higher. A higher rate of interestattracts borrowers who value the steadiness and predictability of fixed expenses over a period of your time . A stable mortgage payment is simpler to budget and offers peace of mind.

Fixed Rate Mortgage

A fixed rate mortgage refers to the interest rate will not change during the term of your mortgage. There are no surprises as you will always know exactly how much your payments will be and how much of your mortgage will be paid off at by the end of your term. At the end of the term, if there is still a balance and time left on your amortization period, the lender will normally offer a renewal with a choice of a new term and the interest rate available at that time.

Variable/Adjustable Rate Mortgage

A variable/adjustable rate mortgage refers to the interest rates fluctuate with the bank’s prime lending rate, and may vary from month to month. Your payment amount remains the same when your interest rates change. However, the amount you apply to your principal will change. An automatic adjustment will arise when there is a change in the prime interest rate which will ensure that enough money will be paid toward the principal in order to have the mortgage paid off at the end of the amortization term. |

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Amortization is the process of paying down a mortgage in regular payments composed of both interest and principal.

Annual Percentage Rate (APR)

Annual Percentage Rate (APR) refers to the annual rate of interest charged to borrowers and paid to investors. An APR may not show the actual cost of borrowing because of the fees that are included or excluded.

Closing Costs

Closing Costs are fees and expenses you pay when you close on your house, separate to the down payment. These costs can run 3% to 5% of the loan amount and may include title insurance, attorney fees, appraisals, taxes and more.

Earnest Money

Earnest Money is a deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing.


Equity represents the amount of money that would be returned to a company's shareholders if all of the assets were liquidated and all of the company's debt was paid off.


Escrow is a legal concept describing a financial instrument whereby an asset or escrow money is held by a third party on behalf of two other parties that are in the process of completing a transaction. Money, securities, funds, and other assets can all be held in escrow.

Loan Estimate

Loan Estimates tell you important details about the loan you have requested. The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan as well as how the interest rate and payments may change in the future.

Mortgage Insurance

Mortgage Insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Three types of mortgage insurance include private mortgage insurance, qualified mortgage insurance premium, and mortgage title insurance.


Pre-qualifying is just the first step. It gives you an idea of how large a loan you'll likely qualify for. Pre-approval is the second step, a conditional commitment to actually grant you the mortgage. The pre-qualified amount isn’t a sure thing, because it's based only on information provided. Getting pre-approved is the second step. The borrower must complete an official mortgage application to get pre-approved, as well as supply the lender with all the necessary documentation to perform an extensive credit and financial background check. The lender will then offer pre-approval up to a specified amount.


Principal is the amount borrowed from the lender, minus the amounts repaid to the lender, and which have been applied to the reduction of principal. As monthly mortgage payments are made, the mortgage principal is reduced.

Rate Lock

Rate Lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage for a specified time period at the prevailing market interest rate. A loan lock provides the borrower with protection against a rise in interest rates during the lock period.


Underwriting is the process through which an individual or institution takes on financial risk for a fee. This risk most typically involves loans, insurance, or investments.


Points can be a percentage of a number or a measurement of the change in a number. Points are used in various contexts in financial matters. They may indicate the interest rate on a mortgage in relation to the prime lending rate or the total size of the fees attached to a mortgage. They indicate the percentage of change in the return on a bond. They also are used to report the price movements up or down of stocks. A point always equals one.

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