On approved credit (OAC). Rates subject to change without notice.
We can help you choose the mortgage type that suits you best. A few of the most common:
These mortgages can have fixed rates, or variable rates (which adjust with Bank of Canada Prime interest rates). To qualify for a conventional mortgage, you must have at least 20% of the purchase price of the home as your down payment.
If you have less than 20% of the total purchase price as a down-payment, you need a high-ratio mortgage. These mortgages must also be insured.
You can repay part or all of this mortgage any time without any prepayment fees.
A closed mortgage usually has a lower rate than an open mortgage. You can pre-pay up to 20% of the original mortgage amount. But there are costs to pay out early, renegotiate or refinance before the end of the mortgage term.
When it comes to rates, the percentage makes a difference to how much you pay, but so does the type of rate.
Let us help get the best rate and type of rate for you.
The percentage interest that you pay on top of the loan principal. For example, you may take out a mortgage of $100,000 at a rate of 12%. Your monthly payments will consist of a portion of the original $100,000, plus 12% interest.
An interest rate that does not change during the entire mortgage term.
An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term. There may be lender discounts with this type of rate.
Mortgage renewal can take a lot of your time. But shopping around for the best mortgage rates for you is worth it.
Durham Mortgage Centre agents can take care of the hard work so you can renew your mortgage easily and conveniently.
We’re mortgage experts, but we draw on the knowledge of other experts in the field too. Here are just a few experts you may want to get to know.
Check out our growing collection of useful links.