What Types of Mortgages Are Available to Canadian Homebuyers?
Posted by Justin Havre on
Looking to buy a new home? Buying a home is a big financial commitment. Potential homebuyers must understand what's involved with getting a mortgage. For example, there are different rates, amortization periods, and potential penalties to consider. Discussing options with a mortgage broker or bank is a good starting point. Which one is the best? Well, it all depends. Here's a brief overview of the different types of mortgages and how they differ from each other.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
Types of Mortgages
Open Mortgage
Lets buyers pay off debt whenever they want, without what's known as a prepayment penalty. This…
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