Glossary of Terms
Fixed Rate Mortgage
Interest rate locked in for the term of the mortgage, standard prepayment conditions apply.
Variable Rate Mortgage
(not available at this time)
Interest rate changes with the market.
(6 month open term)
Pay off your mortgage in part, or in full, at any time without penalties.
Interest rate locked for the term of the mortgage, cannot pay off your mortgage in part of in full.
Usually 2 years or less
Usually 3 years or more
Can affect how much interest you pay over the life of your mortgage