The following are some various types of mortgages available:

Pre-Approved Mortgage: a pre-approved mortgage lets you know how much you can afford to borrow based on your qualification and personal credit rating.  An actual mortgage approval has to be completed when you have an offer in place.

Conventional Mortgage: a conventional mortgage is a loan for no more than an applied percentage of the appraised value or purchase price of the property, whichever is less.

High-Ratio Mortgage: with a high-ratio mortgage, the down payment is less than 20% and the mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada (Genworth).

First Mortgage: is the first debt registered against a property whereas a second mortgage is a debt registered after a first mortgage.

Open or Closed Mortgages: an open mortgage can be paid off at any time without incurring a penalty. These are usually short terms. They are ideal for homeowners planning to sell or those who need flexibility to make large payments before maturity. Closed mortgages on the otherhand are for specific terms. This typically means you have to wait until the maturity date or pay a penalty.

Fixed-Rate Mortgage: with a fixed-rate mortgage, the interest rate will not change throughout the entire term of your mortgage. You typically always know how much your payments will be.

Variable-Rate Mortgage: with a variable-rate mortgage, interest rate may vary month to month.

Equity Mortgages: these are mortgages that are assessed on the equity of the home. 

Talk to any of our sales team and they can provide you with a list of professionals that can help you with your financing options.