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

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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.

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Closed Mortgage

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

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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.

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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.

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 Offer

When buying a new home, money can be tight. With Libro’s Cash Back Mortgage offer, 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.

Talk to a Coach


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