advice
Mortgage Types
It’s important to know your mortgage options.
Choosing a Mortgage That’s Right For You
Our mortgage experts provide the information you need in clear and easy-to-follow language, and help you make the best decision for your family and lifestyle.
Available Mortgage Types
Open Mortgage
Open mortgages can be paid off anytime without a penalty. Open mortgages provide the greatest amount of flexibility. A rate premium may be applied.
Closed Mortgage
Closed mortgages can offer a lower overall rate yet this type of mortgage cannot be paid off early without facing a penalty.
Fixed Rate Mortgage
A fixed rate means your interest is set for the entire term of the mortgage. You’ll always know what your mortgage payments will be and how much of your mortgage will be paid off at the end of the term.
Variable Rate Mortgage
A variable rate mortgage can change because the mortgage rate is based on the prime rate. When the prime rate changes, it affects your mortgage rate. The good news is that your mortgage payment amount will not change.
More Options for your Mortgage
High-Ratio Mortgage
High-Ratio mortgages are used when a buyer has less than a 20% down payment of the home price. We use two organizations, the Canadian Mortgage and Housing Corporation (CMHC) or Sagen™, to satisfy the requirement of mortgage insurance.
Purchase Plus Improvements Mortgage
Purchase Plus Improvements makes it possible to get an insured low down-payment mortgage that covers the purchase price as well as the cost of repairs or renovations.
Ready to buy a home with Oculusbanks or have questions?
To start your pre-approval, Oculusbanks will require information about your current financial situation, including these topics:
- Income
- Outstanding debts, such as personal loans, student loans, credit cards, etc.
- Monthly expenses