Mortgage Types

It's important to know your mortgage options. Our mortgage experts provide the information you need in clear and easy-to-follow language and help you make the best decision for your family and lifestyle. Contact your Libro Coach or start a preapproval application online today!

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Open Mortgage

Open mortgages can be paid off anytime without a penalty. Open mortgages provide the greatest amount of flexibility. A rate premium may be applied.

Closed Mortgage

Closed mortgages can offer a lower overall rate yet this type of mortgage cannot be paid off early without facing a penalty.

Fixed Rate Mortgage

A fixed rate means your interest is set for the entire term of the mortgage. You'll always know what your mortgage payments will be and how much of your mortgage will be paid off at the end of the term.

Variable Rate Mortgage

A variable rate mortgage can change because the mortgage rate is based on the prime rate. The prime rate does change and when it does it affects your mortgage rate. When this happens, the good news is that your monthly mortgage payment amount will not change.

The only thing that will be adjusted is the amount paid towards your mortgage principal and the amount paid towards interest.


A conventional mortgage is attached to the property and the mortgage terms cannot be changed. A new mortgage would be required to make any changes to a conventional mortgage.

High-Ratio Mortgage

A High-Ratio mortgage is a conventional mortgage lending over 80% of the purchase price of a home. High-Ratio mortgages are used when a buyer has less than a 20% down payment of the home price and require mortgage insurance from the Canadian Mortgage and Housing Corporation (CMHC) and Genworth Canada.

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To start your pre-approval, Libro will contact you for information about your current financial situation, including these topics:

  • Income
  • Outstanding debts, such as personal loans, student loans, credit cards, etc.
  • Monthly expenses

Upon receiving your information, a Libro Coach will contact you within two business days. Your privacy and trust are important to us. We will use and protect your information in accordance with our privacy policy.