Mortgage Options

As your Mortgage Broker, our goal is to understand your unique needs and guide you towards the mortgage options that align perfectly with your financial goals!

Finding the right mortgage isn't just about the lowest rate; it's about securing a comprehensive package tailored to your needs, covering terms, conditions, rates, and fees.

Key Mortgage Choices:

1. Conventional or High-Ratio:

• Conventional: Up to 80% of the property value.
• High-Ratio: Usually over 80%, often CMHC-insured. Insurance costs and fees are borrower responsibilities.

2. Closed or Open:

• Closed: Lower interest rates, with prepayment limitations.
• Open: Pay off as much as you want anytime, penalty-free.

3. Short Term or Long Term:

• Short Term: Ideal if you anticipate lower rates at renewal.
• Long Term: Offers stability for budget-conscious planning, especially for first-time homebuyers.

4. Fixed or Variable Rate:

• Fixed: Stable rates for the mortgage term, protecting against market fluctuations.
• Variable: Linked to the Prime Rate, providing flexibility but subject to market changes.

Understanding Terminology:

- Closed Mortgages: Prepayment options up to 20%, with penalties for early payout or refinance.

- Open Mortgages: Full or partial repayment anytime during the term, offering flexibility until you lock into a closed term.

- High-Ratio Mortgage: Down payment between 5% - 20%, requires mortgage default insurance. Government-supported insurance plan to encourage homeownership.

Interest Rate Choices:

- Fixed Rate Mortgages: Guaranteed interest rate throughout the mortgage term. Consistent monthly payments for financial predictability.

- Variable Rate Mortgages: Interest fluctuates with the Prime Rate. A variable rate offers payment stability with possible adjustments due to rate changes. An adjustable rate offers the ability for your payments to rise and fall with prime rate.

Ready to discuss a custom-tailored Mortgage Solution that suits you? Let's connect and explore the best options for your financial journey!

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