Fixed Term Mortgages

  2 , 3 ,4 , 5 , 7 , 10 Year Terms

Most of these mortgages offer prepayment options that allow prepaying the mortgage amount by 10-20% per year. Most are assumable and portable. They also allow the full prepayment when the house is sold subject to a penalty of 3 months interest or interest rate differential.

 Short Term Mortgages

6 months, 1 year Open and Closed

These mortgages have  limited prepayments options.

 Variable Rate Mortgages

Most of these mortgages have a low initial rate and then a floating rate that is tied to Bank Prime Rates. Pre-payments  vary.

Cash Back Mortgages

Typically , when paying posted rates, the lender will give back to the client a Cash Back incentive equal up to 3% of the amount of the mortgage. Keep in mind that this amount cannot be used as a down payment, but can be used for closing  and other fees. Some Lenders have other options where the rate is better and the Cash Back is reduced.

Reverse Mortgages

This is for the client who is retired and has a house paid for and wished to get some equity out of the home on a monthly basis.