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Is this loan for you?
Open mortgage: A short-term loan that can be paid back at any time
Closed mortgage: A loan with a term of 6 months to 5 years, which offers the security of a fixed rate for a longer term
Fixed rate: Rate that remains stable until the end of the mortgage loan term.
Variable rate: The variable rate fluctuates based on the Caisse prime rate during a mortgage loan term.
| Features | With a closed fixed rate | With an open fixed rate |
|---|---|---|
| Interest rate | Stable until the end of the term | Stable until the end of the term |
| Financing | 80%* (95% with mortgage insurance) | 80%* (95% with mortgage insurance) |
| Terms | 6 months, 1 to 5 years | 6 months or 1 year |
| Rate guaranteed at time of loan**? | Yes, for 90 days (in general) | Yes, for 90 days (in general) |
| Repayment possible without penalty? | No | Yes, at anytime, in whole or in part |
| Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
| Distinctive features |
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Useful if:
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| Features | With a closed “5-in1” yearly rate resetter mortgage | At a closed protected variable rate |
|---|---|---|
| Interest rate | Revised annually Rebate guaranteed for the entire term |
Rate fluctuates without exceeding a certain limit |
| Financing | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) |
| Term | 5 years | 5 years |
| Rate guaranteed at time of loan**? | Yes, for 90 days (in general) | No |
| Repayment possible without penalty? | No | No |
| Conversion to a fixed rate? | Yes | No |
| Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
| Distinctive features | One of the best fixed rates on the market | You benefit from rate decreases, while being protected from major rate increases |
| Features | Closed Reduced Variable-Rate Mortgage | Open Regular Variable-Rate Mortgage |
|---|---|---|
| Interest rate | Follows the upward and downward fluctuations of the prime rate | Follows the upward and downward fluctuations of the prime rate |
| Financing | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) |
| Term | 5 years | 1 and 2 years |
| Rate guaranteed at time of loan**? | No | No |
| Repayment possible without penalty? | No | Yes, at anytime, in whole or in part |
| Conversion to a fixed rate? | Yes, at anytime | Yes, at anytime |
| Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
| Distinctive features | Usually allows you to benefit from a more attractive interest rate | Usually allows you to benefit from a more attractive interest rate |
* % of the smaller of the amounts of market value or property purchase. This percentage varies for second homes that are not accessible year-round.
** Rate in effect on application date or upon signing mortgage with the lawyer.
Before you even start looking for a property, determine how much you can borrow with a Preauthorized Mortgage.
Loan Insurance offers protection that ensures reimbursement of the loan in the event of disability or death.