Types of Mortgages
See What Works Best for You
Fixed
A fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Fixed
A fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Fixed
A fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed rate mortgages offer some form of pre-payment, from 10% to 25% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Variable
A variable-rate mortgage allows you to take advantage of today's low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. Payments vary depending on the product or lender you choose. In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.
Variable
A variable-rate mortgage allows you to take advantage of today's low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. Payments vary depending on the product or lender you choose. In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.
Variable
A variable-rate mortgage allows you to take advantage of today's low Prime Rate. Most variable rate products are set below prime, terms range from 1 to 5 years. Payments vary depending on the product or lender you choose. In some cases you can fix your payments for up to 5 years, but the interest rate will fluctuate as the Bank Prime Rate changes. In other cases your monthly payments will fluctuate depending on how many times the Prime Rate changes during your term.
Open
An open mortgage allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank's Prime Rate.
Open
An open mortgage allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank's Prime Rate.
Open
An open mortgage allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank's Prime Rate.
Secured
A secured line-of-credit allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage, if you have good equity in your home.
Secured
A secured line-of-credit allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage, if you have good equity in your home.
Secured
A secured line-of-credit allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. You may have a secured line of credit and a mortgage, if you have good equity in your home.
Today's Rates
Because we work with a wide variety of lenders, we can access competitive, lower-than-advertised interest rates. Check back often to see how these rates compare to average bank rates.
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Affordability Calculator
Bi-weekly vs Monthly Calculator
Rent vs Buy Calculator
Amortization Calculator
Payments Calculator
Mortgage Scenario Calculator
Early Renewal Calculator
Mortgage Qualifier Calculator
Affordability Calculator
Affordability Calculator
Bi-weekly vs Monthly Calculator
Bi-weekly vs Monthly Calculator
Rent vs Buy Calculator
Rent vs Buy Calculator
Amortization Calculator
Amortization Calculator
Payments Calculator
Payments Calculator
Mortgage Scenario Calculator
Mortgage Scenario Calculator
Early Renewal Calculator
Early Renewal Calculator
Mortgage Qualifier Calculator
Mortgage Qualifier Calculator
"I worked with Kyle Vaillant all the way through the process of my first home purchase, and let me tell you, Kyle was very easy to work with. He was very communicative, very responsive when I emailed/texted/called him. He lead me through the whole process and made a stressful experience feel like a breeze. I recommend him and beat the banks if you’re looking to have an effective process and not deal with the banks directly! "
Alex P
"I worked with Kyle Vaillant all the way through the process of my first home purchase, and let me tell you, Kyle was very easy to work with. He was very communicative, very responsive when I emailed/texted/called him. He lead me through the whole process and made a stressful experience feel like a breeze. I recommend him and beat the banks if you’re looking to have an effective process and not deal with the banks directly! "
Alex P
"I worked with Kyle Vaillant all the way through the process of my first home purchase, and let me tell you, Kyle was very easy to work with. He was very communicative, very responsive when I emailed/texted/called him. He lead me through the whole process and made a stressful experience feel like a breeze. I recommend him and beat the banks if you’re looking to have an effective process and not deal with the banks directly! "
Alex P
"I had an exceptional experience working with Kyle to find the best deal for the mortgage on my first home. From start to finish, he provided unparalleled support and guidance, making the entire process smooth and stress-free. His expertise and professionalism were evident every step of the way, ensuring I got the best deal possible for my mortgage. I highly recommend Kyle's services to anyone in need of mortgage assistance. "
Jacob B
"I had an exceptional experience working with Kyle to find the best deal for the mortgage on my first home. From start to finish, he provided unparalleled support and guidance, making the entire process smooth and stress-free. His expertise and professionalism were evident every step of the way, ensuring I got the best deal possible for my mortgage. I highly recommend Kyle's services to anyone in need of mortgage assistance. "
Jacob B
"I had an exceptional experience working with Kyle to find the best deal for the mortgage on my first home. From start to finish, he provided unparalleled support and guidance, making the entire process smooth and stress-free. His expertise and professionalism were evident every step of the way, ensuring I got the best deal possible for my mortgage. I highly recommend Kyle's services to anyone in need of mortgage assistance. "
Jacob B
"Derek was quick at replying, facilitated the process of first time home buying for us. He’s very easy to talk to and has your best interest in mind when searching for best deals and services. "
Karine B
"Derek was quick at replying, facilitated the process of first time home buying for us. He’s very easy to talk to and has your best interest in mind when searching for best deals and services. "
Karine B
"Derek was quick at replying, facilitated the process of first time home buying for us. He’s very easy to talk to and has your best interest in mind when searching for best deals and services. "
Karine B
"I really enjoyed dealing with Derek. Very professional, very helpful and really felt like he was working for ME. Would definitely recommend to everyone."
Chuck G
"I really enjoyed dealing with Derek. Very professional, very helpful and really felt like he was working for ME. Would definitely recommend to everyone."
Chuck G
"I really enjoyed dealing with Derek. Very professional, very helpful and really felt like he was working for ME. Would definitely recommend to everyone."
Chuck G
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Meet Our Collective of Mortgage Specialists: A Committed Team Assisting You Through Each Stage of Your Path Toward Owning a Home
Meet the Team!
Meet Our Collective of Mortgage Specialists: A Committed Team Assisting You Through Each Stage of Your Path Toward Owning a Home
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Frequently Asked Questions
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1841 Laurier St, Clarence-Rockland, ON K4K 1A1
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1841 Laurier St, Clarence-Rockland, ON K4K 1A1