- Interest rate offered by the lender or broker for the mortgage loan. Mortgage Rate
- The amount you will pay monthly based on your total mortgage amount. Monthly Payment
How long the mortgage agreement is set for.
HINT: Help! I'm a Mortgage Newbie, if you're unsure what to select a five year term is the most popular choice.Mortgage Term
- 5 Years
Fixed vs Variable
FIXED: mortgage rate does not change during your term - in other words you are locked in. VS. VARIABLE: mortgage rate changes during the term with the lender's prime rate.
Open vs Closed
CLOSED: you cannot pay off your mortgage early during the term without being charged a penalty. VS. OPEN: you can pay off your mortgage early with no penalty during the term.
HINT: Help! I'm a Mortgage Newbie, if you're not sure what to choose you're probably looking for a closed rate.Mortgage Type
- Closed Fixed
- A mortgage where the borrower has less than 20% of the property or house value. The mortgage must then be insured against payment default by a Mortgage Insurer, such as CMHC, or Genworth Financial. High-ratio Mortgage
- The amount you can overpay on your mortgage every year.. Lump Sum Monthly
- The amount you can overpay on your monthly payments. Lump Sum Annual
- The length of time (usually 30 to 120 days) a lender will guarantee this rate. (Think of it like the length of time you can put something on hold at a store to guarantee that price.) Rate Hold
- 120 Days
- The lowest amount of money required to be borrowed for the lender/broker to offer this mortgage rate. Min amount
About Dominion Lending Centres Quebec
Dominion Lending Centres is a national mortgage brokerage and leasing company with more than 2,000 members offering free expert advice across Canada - taking the hassles out of the mortgage process and simplifying your life.
With access to more than 90 lending institutions, including big banks, credit unions and trust companies, our licensed team of mortgage professionals is familiar with a vast array of available mortgage products - ranging from first-time homebuyer programs to financing for the self-employed to financing for those with credit blemishes.
And, best of all, Dominion Lending Centres' mortgage professionals work for you - not the lenders - to ensure you receive the best rates and products available in today's marketplace.