Mortgage Types

It’s important to know your mortgage options.

Choosing a Mortgage That’s Right For You

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.

Available Mortgage Types

A blue outline of a house with yellow windows

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.

Bullseye and Arrow

Closed Mortgage

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

Percentage sign in circle

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.

A hand with palm facing up and a coin hovering above it

Variable Rate Mortgage

A variable rate mortgage can change because the mortgage rate is based on the prime rate. When the prime rate changes, it affects your mortgage rate and payment.

More Options for your Mortgage

High-Ratio Mortgage

High-Ratio mortgages are used when a buyer has less than a 20% down payment of the home price. We use two organizations, the Canadian Mortgage and Housing Corporation (CMHC) or Sagen™, to satisfy the requirement of mortgage insurance.

Purchase Plus Improvements Mortgage

Purchase Plus Improvements makes it possible to get an insured low down-payment mortgage that covers the purchase price as well as the cost of repairs or renovations.

Ready to buy a home with Libro or have questions?

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

  • Income
  • Outstanding debts, such as personal loans, student loans, credit cards, etc.
  • Monthly expenses
Meet With A Libro Coach Today