Tool Box

View best mortgage rates
Mortgage
Term

Term

The period for which the conditions of the mortgage apply, after which it must be renegotiated.

 Five Year Fixed Five Year
Variable

Variable

A mortgage with an interest rate that changes with the market. When the general interest rate changes, the payments stay the same but the ratio between the principal and interest is adjusted. Variable rate mortgages may be open or closed. A variable rate mortgage provides you with the flexibility to take advantage of falling interest rates.

Three Year Fixed
Lender MCAP MCAP Home Trust
Details 3.69%1.75%3.29%
Advantage Secured rate that will not change with market. Excellent fixed rate for owner occupied purchases - no pre-approvals available, limited pre-payment privileges.Rate is not fixed and changes with bank prime. Good when rates declining but not when increasing. Flexibility to convert into fixed term.Low fixed rate that does not change over the term. Available on firm deals closing by March 31, 2010.
What's Included
Pre-payment

Pre-payment

'Lenders will often allow you to make additional payments. Options include a once a year lump sum payment of between 10-25% of the original mortgage amount, increasing mortgage payments, etc. Please check with Buyingblock.com for details.'

 		Yes Yes Yes
Payment Options

Payment Options

'Payment options typically include weekly, biweekly, semi-monthly or monthly. The more often the payment the less interest you will pay over the term of the mortgage.'

 		Yes Yes Yes
Portability 

Portability 

'Take your existing mortgage with you when you buy a new home; if you like, you can increase your loan amount and blend your existing rate with the current market rate for the new funds.'

 		Yes Yes Yes
Convertibility

Convertibility

'A provision in some adjustable-rate mortgages (ARMs) that allows the borrower to change the ARM to a fixed-rate mortgage at a specified period within the term of the loan.'

 		no Yes no
Other