Mortgages: Closed, variable to 5 years
Financial Institution	Term
	Variable	6 Months	1 Year	2 Years	3 Years	4 Years	5 Years
AGF Trust	-	4.650	2.950	3.350	3.800	4.090	3.890
ATB Financial	2.600	4.450	3.500	3.750	4.350	5.140	4.290
Bridgewater Bank	-	-	5.890	5.650	3.590	-	4.140
Laurentian Bank Canada	2.850	3.950	3.500	3.750	4.350	5.140	5.440
Bank Montreal Mtg. Corp.	2.850	4.450	3.500	3.750	4.350	5.140	5.440
Bank of Nova Scotia	2.850	4.550	4.300	4.050	4.350	5.140	5.390
CIBC Mortgages	2.850	4.450	3.500	3.750	4.350	5.140	5.440
Alterna Bank	2.750	4.400	2.950	3.600	3.850	4.040	4.140
Alterna Savings	2.750	4.400	2.950	3.600	3.850	4.040	4.140
Caisses Desjardins	-	3.950	3.490	3.750	4.450	5.140	5.440
Concentra Financial	-	4.450	3.500	3.750	4.350	5.140	5.440
Comtech Credit Union	-	6.600	2.750	3.490	3.590	3.690	3.890
Canadian Western Trust	3.000	4.450	3.500	3.750	4.350	5.140	5.440
DUCA Financial Services	2.250	4.400	2.770	3.270	3.840	4.040	4.140
Effort Trust	-	3.600	3.450	3.700	4.300	5.100	5.400
FirstLine Mortgages	2.550	4.750	3.200	3.650	4.100	4.390	4.440
First National Financial	2.300	4.450	2.950	3.350	3.800	4.090	4.140
HSBC Bank Canada	2.800	4.450	3.500	3.750	4.350	5.140	5.440
Home Trust Company	-	-	3.150	-	3.990	-	4.390
ING Direct	2.300	-	2.950	3.400	3.890	4.090	4.240
Investors Group Trust	2.650	4.550	3.500	3.750	4.350	5.140	5.440
League Svgs & Mortgage	-	4.450	3.500	3.750	4.350	5.140	5.440
London Life	2.650	4.550	3.500	3.750	4.350	5.140	5.440
Macquarie Financial Ltd.	2.800	-	3.000	-	3.600	-	4.240
Manulife Bank	-	4.400	2.950	3.400	3.900	4.100	4.250
Meridian Credit Union	2.400	4.450	3.450	3.700	4.300	3.850	3.900
National Bank	2.850	4.450	3.500	3.750	4.350	5.140	5.440
Ontario Civil Service CU	-	6.000	2.950	4.200	3.850	4.600	4.140
President's Choice Fin'l	2.300	6.040	2.900	3.300	3.640	4.040	4.190
PACE Savings & Credit Un	-	4.450	3.500	3.750	4.350	5.140	5.400
Royal Bank of Canada	2.800	4.450	3.500	3.750	4.350	5.140	5.440
ResMor Trust	-	-	3.890	-	3.590	-	4.240
T-D Mortgage	2.850	4.450	3.500	3.750	4.350	5.140	5.440
Ukrainian Credit Union	-	4.650	2.450	3.550	3.790	3.890	3.990

A mortgage is a contract stipulating a specific property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features. Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.

Prepared by CANNEX on February 12, 2011 at 00:19:18 ET.
This information is current as of the date and time posted and is subject to change without notice.
© Copyright 2011 CANNEX Financial Exchanges Limited. All rights reserved.

Credit Problems?

Below is a list of information that can help increase your credit score. A good credit score is very important when applying for a mortgage. You are open to many opportunities when you credit score reflects as excellent. Perks include getting the best interest rate on your mortgage, getting a mortgage with no down payment, having more lenders to choose from, etc.

A few quick tips on how to manage/improve your credit score:-

• Equifax and TransUnion are two major companies holding your credit reports.
• Credit scores range from 300-900, a zero down mortgage requires a credit score of at least 680
• Your payment history accounts for 35% of your credit score. Making payments on time ensures a higher score
• If you have amounts owed, this accounts for 30% of your credit score. If you don't want maxed out credit cards affecting your score, it's best to use only 75% of your given credit limit. E.g. If your credit limit is $5000, don't use more than $3750 or it will affect your score.
• How long have you had your loan or credit card(s)? Length of Credit history is worth 15% of your score.
• Newly activated credit accounts, or having your credit checked too often can lower your score. New credit accounts for 10% of your credit score.
• If you have several credit cards with high limits, it's easy to max these out since you don't need re-approval to reach your maximum limit. Types of credit you use are worth 10% of your score.

Click below if you would like assistance from one of our RealEstateProNet Mortgage Specialist. Consultation is always FREE. For a free credit check to see where you stand, just mention so in the comment section.

Debt Problems?

Are your Debt problems getting in the way of your financial goals? If you're a home owner then you may qualify to consolidate all your high interest credit cards and debt installments into one loan at just a fraction of the interest rate.

Call us or contact one of our RealEstateProNet Specialists to speak more about our wide array of debt solutions available to you. All information/inquiry is available FREE.

Purchasing a Home

One of the first things that must be determined when searching for a mortgage is the end use of your property. Below is a list of mortgages, some of which you may find best suits' your preferences. You can always contact a RealEstateProNet Mortgage Specialist and refer to your findings on this page and they will find you a lender to you specific mortgage.

Section I

Residential Mortgages are divided into 2 categories:-

High Ratio Mortgages - This applies when your down payment is 20% or less of the value of your property (Usually requires mortgage loan insurance, Canada Mortgage and Housing Corporation - CMHC, or Genworth Financial Canada)

Conventional Mortgages - This applies when your down payment is 20% or more of the value of your property. (Usually does not require mortgage loan insurance).

Section II

Closed Mortgages - Doesn't allow for a prepayment or early repayment of your mortgage except on the sale of the property, before the term ends.

Open Mortgages - Borrowers are free to repay all or part of their principal amount at anytime with or without notice or penalty. Conditions are usually outlined in the contract.

Fully Open Mortgages - Principal payments can be made at anytime, in any amount, in addition to the regular mortgage payments. This option's great for people who plan on buying and quickly reselling the property.

Section III

Fixed Rate Mortgages - The interest rate on this type of mortgage is determined and remains for the mortgage term.

Variable Rate Mortgages - The interest rate charged on this type of mortgage will fluctuate with market interest rates.

Convertible Rate Mortgages - Interest rates on this type of mortgage is similar to that of the Variable Rate Mortgage with the added option of locking into a Fixed Rate Mortgage at anytime without penalty.

Section IV

Other Features

Cash Back - This is where you can borrow cash based on a percentage of the mortgage principal. This ranges from 1% to 7% and cannot be used as a down payment.

Assumable Mortgage - Allows anyone purchasing a property to take over its existing mortgage.

Portable Mortgages - Transfers your current mortgage to a new property. (Will be subjected to appraisals and credit approvals)

Step Mortgages - This options' great for consolidations and/or future investments. This attaches a line of credit to your mortgage as money when you need it.

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Click below and discuss these options with a RealEstateProNet Mortgage Specialist near you.  Refer to this page and they will find you the best suited mortgage that fits your needs.