Types of loans
Mortgage products available on the market fall into the following categories:
- conventional and high-ratio mortgages
- open and closed mortgages
- fixed and variable-rate mortgages
- special options
! GOOD TO KNOW
Amortization: the number of years required to repay the loan in full, usually between 10 to 25 years.
Term: the period during which the conditions of the loan (rate, payments) are valid. The term is normally between 6 months and 5 years, but can be as long as 10 years.
Payments: payments can be monthly, bi-weekly or weekly, accelerated or not. They are based on the term and amortization of the loan, as well as the interest rate.
