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A Mortgage is a type of financial aid that you take out for a home or a vehicle and acknowledge to pay back the loan amount at an interest rate.
Fixed-rate Mortgage | Variable-rate Mortgage | Lock and roll Mortgage | Adjustable-rate Mortgage | |
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Main features of the Mortgage | You can set the interest rate | The term is fixed, and the interest changes | Every six months, interest payments and rates automatically adjust | Every month interest payments and rates automatically adjust |
Payments are fixed | Payment is the same for the length of the term | You can reduce your monthly payment | ||
At any time, the policy can be converted to another term with Canada Life | ||||
Differences | You are protected from rising the interest rates | Take advantage of the decreasing rates | Every six months, the rate is locked | Every month the rate is adjusted |
Payments are fixed | A portion of the payment goes towards the principal. As our prime rate changes, interest will change | You get the best of both worlds | Make the most out of our changing interest rates | |
Combines the benefits of a long-term Mortgage (Five years) with the benefits of a short-term Mortgage rate | ||||
Payment options | Accelerated weekly | Accelerated weekly | Accelerated weekly | Accelerated weekly |
Accelerated bi-weekly | Accelerated bi-weekly | Accelerated bi-weekly | Accelerated bi-weekly | |
Semi-monthly | Semi-monthly | Semi-monthly | Semi-monthly | |
Monthly | Monthly | Monthly | Monthly | |
Mortgage term | Flexible options up to ten years | Five years | Five years | Five years |
Suitable if | You think over time; the interest rates will increase | You want to take advantage of changing interest rates but want a fixed payment amount for the entire term of the Mortgage | You are looking for a long-term Mortgage with the capacity to take advantage of short-term rates | You want the lowest Mortgage payment option available |
You like having predictable payments | You’re okay with the possibility of semi-annual payment adjustments over the term | You’re okay with your monthly payments changing over the term |
Call 1 844-542-4678 to speak to our advisors.
Along with meeting other criteria, you must also pass the stress test.
Call 1 844-542-4678 to speak to our advisors.