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]

For first-time homebuyers, navigating the mortgage world can be quite overwhelming. There are a lot of different terms, concepts and options that can be confusing for anyone embarking on the journey of homeownership. It is Always encouraged you speak in person with a specialist in the field. How much are you able to afford? What sort of benefits are you looking for? What do you want to achieve in the end? Based on your needs, your bank can provide different options, he says. Anderson... [read more]