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
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. When the prime rate changes, it affects your mortgage rate and payment.
Get settled in with a
Libro Mortgage
Whether you’re purchasing a new home, transferring your existing mortgage to Libro, or refinancing, this limited-time offer will help you settle into your dream home.
Mortgage Amount Cash Incentive
$200,000 – $499,999 $1,500
$500,000 – $749,999 $2,500
Above $750,000 $3,500
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.
Cash Back Mortgage
When buying a new home, money can be tight. With Libro’s Cash Back Mortgage, you can get the cash you need to buy those new appliances, pay your land transfer tax, lawyer fees, closing costs or save for your future. Receive 2.5% of the mortgage balance in cash on a 5-year term. See full terms and conditions.
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
*Offer expires August 31, 2024. Terms and conditions apply. See www.libro.ca/mortgageoffer for full details.