Adjustable Rate Mortgages/Variable Rate Mortgages.
The Rate of Interest is based on Bank of Canada's Prime lending Rate. Repayments may be adjusted as Prime changes. This product is for borrowers who can tolerate interest rate and payment changes over the term of the mortgage. Variable rate mortgages have a fixed repayment and the amount of principle and interest repaid is what will fluctuate with any changes to Prime. These mortgages can be converted to a fixed term with no penalty.

Fixed Rate Mortgages.

The interest rate is set for the duration of the term. This product is for borrowers who want peace of mind and a consistent repayment amount.

High Ratio Mortgages.

CMHC or Genworth may insure a mortgage for up to 95% of the lending value of the house. Borrowers only need 5% of the purchase price for a down payment. The premiums range from 1.00% to 2.75% based on the down payment and loan amount. Some products may have a surcharge on the premium.

RSP Home Buyer’s Plan.

The RSP Home Buyers? Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RSP’s for a home purchase. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment equal to 1/15.