What kind of mortgage loans can I qualify for?

There are many more loan options available than most people are aware of.

Examples include:

• Fixed Rate
• A mortgage with an interest rate that remains constant for the life of the loan. The most common fixed-rate mortgage is repaid over a period of 30 years; 15-year fixed-rate mortgages are also available.

• Variable Rate
• A mortgage for which the rate of interest fluctuates as the Bank's prevailing prime rate changes. While the regular payments you make stay the same for the term, the amount applied toward the principal changes according to the change (if any) in the rate of interest.

• Interest Only
• Unlike a traditional mortgage payment, which is composed of interest and principle, an Interest Only Mortgage requires that only the interest portion of the payment be submitted each month, thereby leaving the balance of the loan unchanged.

These are brief definitions of the three basic types of mortgage programs. Your specific financial needs and market conditions should be considered when choosing a mortgage loan.

If you have questions about the type of loan you might need call 1-866-330-0222