Get to Know the Important Basics Before You Choose Your Mortgage
You have to be sure you select what is most important to you – lower rates or flexibility. Before you choose a mortgage, take some time to study mortgage types:
Closed
If you want consistency with respect to rates and the length of your mortgage agreement, a closed mortgage is best for you.
• Predictable and consistent
• Often comes with lower interest rates
Convertible
Want the best of what both worlds? Then consider a convertible mortgage.
• Take advantage of lower rates & switch to a closed rate without penalty
• Offers lower interest rates than an open mortgage
Open
If you are looking for flexibility with regards to paying off your mortgage, consider an open mortgage
• Maximum flexibility; no penalty for lump sum payments
• Higher interest rate
Still not sure which mortgage is right for you? Contact Canadian Mortgage Brokers Today!
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