Janet McKeough

Mortgage Broker

Bedford | Halifax
233 Bedford Hwy, Halifax, NS B3M 2J9

Need Assistance With a Mortgage?

Mortgages 101
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There are more than 400 types of mortgages out there, each with its own set of features and benefits. Some are designed for specific situations like self-employment or 100% financing. Since your home is probably your biggest investment, it’s important to do your homework and find the best fit. An independent mortgage broker can help because they have access to many lenders and products. So, it’s worth checking out what they offer!


Exploring Mortgage Choices

Open Mortgages

Open Mortgages

Open mortgages offer flexible payments and early payoff without penalties, but regular mortgages may also allow 20% lump sum payments annually without penalty, potentially obviating the need for open mortgages.

Closed Mortgages

Closed Mortgages

Closed mortgages fixed terms, rates, and predictable payments, often with lower rates than open mortgages and allowing annual 20% principal payments without penalty.

Convertible Mortgages

Convertible Mortgages

Convertible mortgages allow homeowners to switch mortgage types within the term, offering lower rates than open mortgages and the option to transition to a closed term.

Reverse Mortgages

Reverse Mortgages

Reverse mortgages offer elderly homeowners monthly cash payments against home equity, with the loan balance due upon the borrower's death, often settled by property sale by heirs.


Mortgage Term Considerations

Long Term Mortgage

Short Term

Short-term mortgage contracts, usually under two years, offer lower borrowing costs, attracting those expecting rate decreases upon renewal amidst higher current rates.

Short Term Moetgage

Long Term

Long-term mortgages, spanning 3+ years, typically have higher rates but provide stability, offering varied repayment options tailored to borrower needs.


Interest Rate Options

Fixed Rate Mortgage

Fixed Rate Mortgages

With a fixed rate mortgage, the interest remains constant throughout the term, providing predictability in payments and clarity on the amount of mortgage paid off by the term's end.


Variable Rate Mortgages

Variable rate mortgages track the bank’s prime lending rate, keeping payments constant while adjusting the portion applied to principal, ideal for homeowners expecting interest rate declines.

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