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. Some lenders will let you double up your scheduled mortgage payments or pay an annual lump sum. BACK TO BLOG FEED
READY TO CALCULATE A RATE THAT WORKS FOR YOU?
CHECK OUT THE LATEST EPISODE OF HOT PROPERTY ON CP24!
LEARN HOW YOU CAN EARN 1% CASH BACK ON YOUR MORTGAGE.
With current mortgage news, interest rates and relevant trends, our monthly newsletter is another helpful step towards living your monster life.
Published on June 2, 2022
As expected, the BOC raised the overnight rate by .50%, this means everyone with a…
Published on April 12, 2022
The rising inflation today is because of the low interest rates, global supply shortages, conflicts…
Published on January 31, 2022
While many consumers are not mortgage experts, it does not mean all mortgage experts are…
Published on January 26, 2022
Bank of Canada holds on raising interest rates to help slow down surging inflation. The…
THE MONSTER DIFFERENCE
With over 25 years experience, a long-running CP24 show and industry awards under our belt, we’re trusted industry experts.
We give you the facts your bank won't tell you about reaching your financial goals.
We’re the smarter choice when you need a mortgage expert to shop the market and provide you with options the banks can’t.
We’re known for our transparency and integrity in everything from our relationships to our advice to our customer service.