Seven Important Things to Know about Mortgages Type and Term: Most common are Closed Mortgages ranging from 6 months to 5 years; a few lenders have terms up to 15 years. Typically, 6-month and 1-year mortgages can be “Open” or “Convertible”. A true open mortgage can be paid in full at any time without penalty, while with a true convertible mortgage this privilege may have no penalty. Commitment Period: This period protects the interest rate in times of... [read more]

  The Ontario Home Ownership Savings Plan (OHOSP) has already helped more than 250,000 first-time buyers realize their dreams of home ownership. This article explains how an OHOSP can help you save for your first home. It describes the eligibility requirements for opening a plan, OHOSP tax credits and other details about the program. How the Plan Works If you earn less than $ 40,000 (or if you and your spouse have a combined income of less than $ 80,000), you can benefit from... [read more]