Payment frequency refers to how often you make your mortgage payments.

The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates.

A fixed-rate loan has the same interest rate for the entirety of the borrowing period, while variable rate loans have an interest rate that changes over time. Borrowers who prefer predictable payments generally prefer fixed-rate loans, which won’t change in cost.

Closed mortgages generally have lower interest rates than open mortgages do, but borrowers get limited flexibility: you can’t pay off the loan without incurring a penalty. Most closed mortgages allow for accelerated payments of some kind, but each lender sets its own prepayment terms.

There is a wide range of arrangements accessible for different customer profiles. Contingent upon what your profile is, and how your credit looks, you may have changed choices accessible to you. For a profile investigation, you should contact our office. From that, we can suggest some incredible choices, best suited to your circumstance. For the most part, there are two kinds of mortgage terms. Open or closed. In the event that you are uncertain whether closed or open, fixed, or variable is best suited for you, we are only a call away.