Mortgages & Loans > Mortgage Terminology

Open Mortgage
An open mortgage allows you to pay off some or all of your mortgage without penalty.

Variable Rate Mortgage
Variable rate mortgages are available for open or closed terms for 3 years.

Closed Mortgage
A closed mortgage offers you a fixed interest rate for 6 months to 7 year terms. When your mortgage comes up for renewal you simply sign for your choice of term. This option gives you the security of knowing that your interest rate and payment won’t change during the term you select.

Fixed Interest Rate
The interest rate is guaranteed not to change during your chosen term.

Variable Interest Rate
Payments are fixed for a period of time, although interest rates may fluctuate based on the prime rate. If increases in prime rate occur, payments may be increased.