One of the best things about working with a mortgage broker is you have a source of free expert advice about investing in residential real estate and Canadian mortgages. At Brokers for Life we work with you to find the lowest interest rates and options for the home loan that best suits you.

Open Mortgage
An open mortgage allows you the flexibility to pay off some or all of the mortgage at any time, without a penalty. Interest rates are usually higher and are tied to the Bank Prime.

Closed or Fixed Mortgage
A closed or fixed mortgage offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months through to 10 years.

Many lenders will allow prepayments of up to 20% of the balance annually without a penalty. If the home loan is paid off in it's entirety before the end of the term, most lenders will collect a fee of three months interest or charge the lost interest to the end of the term.

Variable Rate Mortgage
A variable rate mortgage allows you to take advantage of today's low Prime Rates. The interest rate fluctuates in relation to the 'Prime Rate'. Lenders compete by offering various rates attached to prime. Payments may be fixed for up to 5 years although the rate of interest will always fluctuate according to Bank Prime. If the Prime rate climbs you pay more interest and if the prime rate descends you pay off more of the principal.

Cash Back
Offered for new insured purchases only. Property must be owner occupied and must meet lenders credit criteria.
5% of your purchase price will be advanced by the lender to your lawyer on closing.

Non-Traditional Source of down payment
You may borrow your down payment from an unsecured credit line, credit card or loan if the amount being borrowed can be debt serviced with your mortgage.
These funds CANNOT be tied to the purchase, such as borrowed funds, 100% sweat equity or lender cash back incentives.