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Purchase Price

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Mortgage Value The amount you want to borrow or the dollar ($$) value of your mortgage. If you're buying a home this will be your property value less your down payment.

$

Down Payment The difference between the property’s purchase price and the amount financed through a mortgage.

%

or

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Mortgage Type With a fixed mortgage rate your rate is locked in and guaranteed to stay the same over the term of your mortgage, while with a variable mortgage rate your rate changes with prime.

Mortgage Term The mortgage term is the length of time you’d like to secure this specific rate. The most popular mortgage term is 5 years.

Amortization The amount of time it will take you to pay off your mortgage in full.

Payment Type How frequently you want to make your mortgage payments. Tip: Switching to bi-weekly accelerated payments can save you thousands in the long run.

Rate Type Chances are a closed mortgage rate will likely suit your needs – unless you’re planning on paying off your entire mortgage before the end of your term.

An open mortgage rate offers you the option to break your mortgage early – but at the cost of a higher rate. If you think you’ll need to break your mortgage early, or anticipating a high influx of cash to pay off your mortgage (lottery winnings included), an open mortgage rate will save you from paying hefty fees.

Rate Hold The length of time that a lender will guarantee a rate once you get a pre-approval. If you’re shopping for a home, with a rate hold you don’t need to rush your new home purchase just because you’re afraid rates are going up.

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