types of mortgaes
Fixed-Rate Mortgages
With a fixed-rate mortgage, your interest rate remains the same throughout the term of your mortgage. This means that your payments will remain consistent, making it easier to budget and plan for the future.
Adjustable-Rate Mortgages
With an adjustable-rate mortgage (ARM), your interest rate may change periodically based on market conditions. This can lead to lower initial payments, but it also means that your payments could increase over time.
Open Mortgages
With a fixed-rate mortgage, your interest rate remains the same throughout the term of your mortgage. This means that your payments will remain consistent, making it easier to budget and plan for the future.
Closed Mortgages
A closed mortgage has a set term, and prepayment options may be limited. However, they often offer lower interest rates than open mortgages.
High Ratio Mortgages
A high ratio mortgage is for buyers who have less than 20% of the purchase price for a down payment. This type of mortgage requires mortgage insurance and can help buyers who don't have a lot of savings.
Conventional Mortgages
A conventional mortgage is for buyers who have 20% or more of the purchase price as a down payment. This type of mortgage does not require mortgage insurance and can offer lower interest rates.