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Payment Options
Payment options for a mortgage
.
Fixed or Variable
Open allows you to pay over and above, when you want.
Variable Rate Open Mortgage
- Pay off part or all of your mortgage at any time, without interest penalties or service fees
Variable Rate Closed Mortgage
- Predictable mortgage payments
- Pre-pay up to 20% of your balance each year, with no interest penalty or service fees
Fixed Rate Closed Mortgage
- Guaranteed interest rate, protected for the duration of your term
- Predictable monthly payments
- Prepay up to 20% of your balance each year, with no interest penalty or service fees
Portability
If you love your mortgage more than your home, take it with you when you move. This option is available at no cost, for all mortgage types.
Protection
Insurance available for loss of employment, loss of life, disability and critical illness based on qualification.
Down Payment Options
High Ratio Mortgage
Down payment as low as 5%, with a High Ratio Mortgage and protection.
Conventional Mortgage
20% or more for down payment
Home Buyers' Plan
This federal government program lets you withdraw up to $25,000 tax-free from your RRSP in order to buy your home. Learn more on the Canada Revenue Agency's RRSPs and Related Plans page.