There are several different mortgage options to choose from, depending on what works best for you.
Open Mortgages allow you to pay your mortgage back in-part or in-full at any point without penalty. This option is great if you’re looking to sell quickly.
Fixed Closed Rate Mortgage
These mortgages have a fixed interest rate for the term of your choice which means consistent payments. Some closed mortgages offer pre-payment options with no penalties. If you’re someone who likes security and stability in your payments, this option is perfect for you.
Variable Rate Mortgage
Variable rate mortgages are a flexible option as they are fully open and offer great repayment options. You can increase your payments or make a lump sum anytime without penalty. Your monthly payments can fluctuate if interest rates change. If you're someone looking for more flexibility in your payments this option is right for you.
Home Equity Lines of Credit
Home Equity Line of Credits allow you to borrow when you need it and only pay interest on what you use. If you’re looking for financial flexibility this option is right for you. A Copperfin home equity line of credit allows you to re-access the equity in your home without having to register for a new mortgage.
Getting a mortgage that works with your life is important. A new home is not only exciting, it’s a lifelong investment – so don’t rush it.