DIFFERENT TYPES OF MORTGAGES
A closed mortgage has prepayment options of up to 20% of the original mortgage amount. If you decide to pay out, renegotiate or refinance before the end of the term of a closed mortgage, prepayment charges will be applied.
An open mortgage can be repaid at any time throughout the term, either in full or partially without any prepayment costs, providing flexibility until you are ready to lock into a closed term.
A convertible mortgage is similar to a closed mortgage, but gives you the option of converting to a longer, closed mortgage at any time without prepayment costs. With this option you can make an annual prepayment up to 10% of the original mortgage amount.