What are the differences among an Open Mortgage, Closed Mortgage, and Line of Credit?
Open Variable Mortgage
Enjoy flexible repayment without penalty.
- Interest: floating semi-annual equivalent rate calculation
- Term Length: 5 years
- Payment Options: Flexible
- Additional Payments: Unlimited
- Amortization: as per lending schedules
- Fees:
- Applicable application fees
- Credit Bureau Search: $5.80
- Person Search: $18.00
- Other fee consideration from 3rd parties such as legal and appraisal fees may apply
- Rewards: Earns quarterly Member Rewards
For full details, please see our account and fee information (pdf).
Closed Variable Mortgage
Pay a lower interest rate on your mortgage.
- Interest: compounded annually
- Term Length: 5 years
- Payment Options: Flexible
- Additional Payments: Prepay without penalty, unless payment is received directly or indirectly from another lender, in which case a 90-day interest penalty applies
- Amortization: as per lending schedules
- Fees:
- Applicable application fees
- Credit Bureau Search: $5.80
- Person Search: $18.00
- Other fee consideration from 3rd parties such as legal and appraisal fees may apply
- Rewards: Earns quarterly Member Rewards
For full details, please see our account and fee information (pdf).
Line of Credit
Get approved for a safety net attached to your chequing account.
- Interest Rate: 15% to 20%
- Monthly Payment: Flexible
- Payment Options: Flexible
- Additional Payments: Unlimited
- Interest Charged: Monthly on outstanding balance
- Fees: $10 to $25/year based on approved amount
- Access to Funds: full access to approved credit limit
- Rewards: Earns quarterly Member Rewards
For full details, please see our account and fee information (pdf).
