Open Mortgages

Lenders, in most cases, have two different types of mortgages available for various terms.  Closed Mortgages are typically less expensive than Open Mortgages which offer added flexibility for a loan.

Open Mortgages allow borrowers to make prepayments at any time during the term of the mortgage.  The term of the mortgage is the period of time for which the mortgage agreement is in effect.  Borrowers at the end of the term are able to renew, renegotiate or even pay off their mortgage. 

Open Mortgages interest rates are typically higher then closed mortgages which have the same or comparable terms. 

Open Mortgages are appealing to borrowers who intend on paying off their mortgage in the near future.  Borrowers with open mortgages are also able to make partial extra payments on their mortgage without any mortgage prepayment charges.    In addition, open mortgages in many cases can be converted to another term at any time. 

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Best Mortgage Rates

Variable Rate 1.94%
1 Year 2.34%
2 Year 2.14%
3 Year 2.44%
4 Year 2.49%
5 Year 2.49%
10 Year 3.84%

April 27, 2017

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