With so many mortgage products being offered in Canada, and new products being introduced all the time, the choices for the consumer are immense.  An Invis Mortgage Consultant offers the expert, impartial mortgage advice you need, and can educate you on the range of mortgage types which are now available.

Fixed Rate vs. Variable Rate Mortgages
With a fixed rate mortgage, the interest rate stays the same throughout the term of the loan, providing a measure of stability that some prefer.  A variable rate mortgage can allow the borrower to take advantage of low rates as it has an interest rate that is calculated on an ongoing basis at the Bank of Canada prime lending rate minus a set percentage. 

An Open or Closed Mortgage?
Open mortgages allow the borrower to pre-pay, renew or refinance at any time before maturity without penalties.  A “closed” mortgage, on the other hand, typically allows for a set percentage of the principal to be prepaid without penalty.  A “closed” mortgage may also be renegotiated or refinanced in most cases with the payment of a penalty which varies from lender to lender. 

High-Ratio Mortgages
While a conventional mortgage is a loan for up to 80% of the purchase price of a property, a high-ratio mortgage allows you to borrow up to 95–100% of the purchase price.  This type of mortgage must be insured. 

The above-mentioned options are just a starting point – there are numerous other mortgage features to be explored, and an Invis Mortgage Consultant will work with you to determine which mortgage best meets your individual needs and objectives.