Need a conventional mortgage or something a bit different? Here are some of the more common options we can offer you.

Conventional
To qualify for a conventional mortgage, you must have at least 20% of the purchase price of the home as your down payment. These mortgages can have fixed rates, or variable rates (which adjust with Bank of Canada Prime interest rates).

High-ratio
If you have less than 20% of the total purchase price as a down-payment, you need a high-ratio mortgage. These mortgages must also be insured.

Open
You can repay part or all of this mortgage any time without any prepayment fees.

Closed
A closed mortgage usually has a lower rate than an open mortgage. You can pre-pay up to 20% of the original mortgage amount. But there are costs to pay out early, renegotiate or refinance before the end of the mortgage term.

Convertible
Offers the same security as a closed mortgage, but you can convert it to a longer term closed mortgage without any financial penalty.

Reverse
Have a home that’s paid for? A reverse mortgage lets you convert some of your home’s value into ready cash.

Second
A second mortgage is often a home equity loan. In other words, you can convert some of the value of your home into cash. Second mortgages typically have higher interest rates than a first mortgage.

Private
These are typically short-term, interest-only loans. At the end of the mortgage term, you still owe the entire amount of the original mortgage. You might use a private mortgage for a property that conventional lenders will not mortgage, for short-term cash, or if your credit history is an issue.

Construction
We can arrange financing for a home you’re building. The lender will release amounts to you as the building progresses. Interest rates are typically higher than for a mortgage on a home that already exists.

Commercial
A commercial mortgage helps your business buy property. It is typically for a shorter term than a residential mortgage and lenders usually need more information than for a residential mortgage application.

Did you know…your payment schedule can save you money?
That’s right! You can choose from six different payment schedules:

• Monthly
• Semi-monthly
• Bi-weekly or bi-weekly accelerated
• Weekly or weekly accelerated

The schedule you pick could save you thousands of dollars on the total interest you pay on your mortgage.