Expect more than just a great rate
We’ll help you choose the right combination of interest rate and term to help you reach your financial goals.
While we know that the interest rate is an important consideration, it shouldn’t be the only deciding factor. Features that allow you to pay your mortgage faster without fees or charges can be just as important when it comes to choosing the right solution for you.
Building the right mortgage
Create your own mortgage solution by combining a term and interest rate that result in the right combination of features for your financial goals.
Choosing the right mortgage term
Mortgage terms vary so that you can take advantages of opportunities that align with your current financial circumstances. There are advantages to both short- and long-term commitments. We’ll help you make the right choice.
||Shorter terms typically have lower rates.
You have the option to renew your mortgage more often, taking advantage if interest rates decline.
|You could find yourself having to renew your mortgage at a higher rate if interest rates increase.
Short-term mortgages are advantageous if you foresee the opportunity to pay off your entire balance in the near future.
||Longer terms provide predictability and stability.
||Committing to an interest rate for a long period of time may make it more difficult for you to obtain a lower rate if rates drop over time.
Fixed or variable interest rates
Once you’ve decided on a short or long term, the next step is to weigh the advantages of fixed and variable interest rates.
||Your payments will be the same every month.
The amount of your payment applied to principal and interest will follow a pre-determined schedule.
|Fixed interest rate mortgages are ideal for homeowners who want predictable payments without the need to monitor interest rates.
||Variable interest rates have traditionally lowered the cost of home ownership when rates are low and not fluctuating.
||If you are concerned that interest rates will rise quickly, you may consider a variable interest rate mortgage that can be converted to a fixed rate at any time within your current term.