- 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
- 90 Days
- The lowest amount of money required to be borrowed for the lender/broker to offer this mortgage rate. Min amount
About Mortgage 4
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