Types of Mortgages:

Open Mortgage

Repay the total amount of your mortgage at any time without penalty.  Good  for those who plan to sell their homes in the near future or may be coming into a large sum of money in the near future that can repay the mortgage.

Closed Mortgage

Usually have the lowest interest rates.  a good choice for those that want to know their monthly payments are fixed for a term.  You cannot repay the entire amount of the mortgage upon request without penalty.

Convertable Mortgage

Short term mortgages (6 or 12 months) that allow you to switch to a longer term mortgage at any time without penalty.

Variable Rate Mortgage

Mortgages where payments can be fixed from 1 to 5 years, but the interest rate could change  depending on the market. This means that payments and balance outstanding are also changed.

Other Useful Information and Links:

100% Financing
This is where you don't require a down payment. Usually you'll need a very high credit score for this.

Home Equity Visa Card
This is a line of credit visa card secured by your home equity. It's a convenient way to use credit.

Home Trust Visa Secured Credit Card
This is one of the few secured credit cards found on the internet in Canada. This type of credit card allows you to get a credit card even if you've been recently been discharged from bankruptcy! It allows you to build up your Equifax and TransUnion credit scores.




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