An open-term mortgage lets you make payments ahead of schedule, refinance or re-negotiate or pay off your mortgage in full without paying a penalty. It’s a good choice if you think you will be able to pay your mortgage off early or are looking to sell your home.

For example, if you expect to receive some cash soon – through an inheritance, a bonus, the sale of your home, or other means – an open-term mortgage may be the right fit. However, if you prefer to make regular payments over the long term, you’ll probably save more money and have more peace of mind with a fixed-term mortgage as you will likely have a lower interest rate.

Features:

An open rate mortgage allows you to have a 6 month or 1 year term option available. It can be paid out in full without penalty. 

Benefits:

• Allows you to take advantage of short terms without being locked in.
• Save money with competitive prepayment options.
• Convenient accelerated weekly or bi-weekly payment schedules can actually save thousands of dollars.
• Peace of mind with low-cost life, disability, job loss, and critical illness insurance options available for single or joint coverage.

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You can apply for this mortgage option by contacting one of our financial professionals either online, by phone at any of our branches or via our toll-free number to book your appointment today.