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Rates and product information are supplied by third parties, including but not limited to CANNEX Financial Exchanges Limited, and are presented on this website for informational purposes only. They do not constitute financial advice nor are they an offer or solicitation of mortgage loans in any jurisdiction or to any person. They should not be relied upon nor are they a substitute for careful review of all relevant policies or consultation with qualified professionals. All information is subject to change without notice. Please contact supplier for complete details.
The term of a mortgage refers to the number of months or years that the lender and borrower commit to one another at the quoted interest rate and agreed-upon mortgage features. It differs from the amortization period in that mortgage terms usually range from 6 months to 5 years, while it may require a 25-year amortization period to pay back the entire borrowed amount, for example. Each time a term is up, you must either renew for another term with your current lender at new rates or find a different lender.
A Fixed Rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate; while a Variable Rate changes during the term with the lender's prime rate.
A Closed mortgage means you are agreeing to a term, which can range from 6 months to 10 years. If you back out of the mortgage before the term is up, you will have to pay a penalty. An Open mortgage is one where you can pay back the money you borrowed at any time, without penalty. Choosing a fixed-rate allows you to lock-in a set mortgage payment each month for the length of the term, without worrying about fluctuations in the bank's prime rate and the Bank of Canada's overnight rate.
HELOC stands for home equity line of credit and is a loan set up as a revolving line of credit with a maximum draw, rather than a fixed dollar amount with a term.
Lenders who provide the mortgage. These may be banks, credit unions, or mortgage brokers who are licensed professionals with access to multiple lenders and products.
The interest rate on the outstanding balance of the mortgage, which can be fixed for the term or variable, fluctuating with the prime rate.
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