Understanding Your Mortgage Options

Compare different mortgage types to find what works best for your situation

Compare different mortgage types to find what works best for your situation

Fixed-Rate Closed Mortgage

This is the most popular choice for Canadian homebuyers, especially first-timers. It offers stability and predictability for your budgeting.

Fixed interest rate means steady monthly payments for your entire term, making budgeting easier.

Typically offers lower interest rates compared to open mortgage options.

Fixed interest rate means steady monthly payments for your entire term, making budgeting easier.

Market Insight: Over 70% of new mortgages in recent years have been fixed-rate closed terms (often 5-year). Source: CMHC & Bank of Canada.

Find the best mortgage type for your needs.

Flexible

Rate changes with the market. Payments may go up or down.

Pros: Can save money if rates drop.

Cons: Less predictable

Accessible

Pay off early without penalties.

Pros: Can save money if rates drop.

Cons: Less predictable

Lower rates, but limits on prepayments.

Pros: Can save money if rates drop.

Cons: Less predictable

Less than 20% down, requires insurance.

Pros: Can save money if rates drop.

Cons: Less predictable

We’ll help you understand which mortgage fits your situation — clearly and simply.