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Closed term mortgages are usually the better choice if you're not planning to pay off your mortgage in the short term. Interest rates for closed term mortgages are generally lower than for open term mortgages. Closed term mortgages offer you the ability to save on interest costs and payoff your mortgage faster. You will pay a prepayment charge if you wish to renegotiate your interest rate, prepay more than your mortgage allows or pay off your mortgage balance prior to the end of its term.
A convertible mortgage gives you the same benefits as a closed mortgage, but can be converted to a longer, closed term at any time without prepayment charges.
Open term mortgages may be appealing if you are planning to pay off your mortgage in the near future. They can be repaid either in part or in full at any time without prepayment charges. Open mortgages can be converted to any other term, at any time, without a prepayment charge. Interest rates for open mortgages are generally higher than for closed mortgages because of the added pre-payment flexibility.
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Debra Trevisan
Henry TSE
Rachel Brower
Heiko Schmitz
Heiko Schmitz
The Living Group of Companies is one of the largest independent REALTOR® organizations in the Greater Toronto Area, with a high standard of customer care and agent experience.
7 Hayden Street
Toronto, Ontario
M4Y 2P2
Cell: 416-697-1969
Office: 416-975-9889
Fax: 416-975-0220
www.livingrealty.com
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