It’s important to remember that today, rates are changing rapidly. It’s important to reach out to John Antle to confirm our best rates and get access to the unpublished rate specials only we have access to.
Once you’ve decided that now is the time, ours is an easy three-step process.
1. Fill out the form
By clicking to apply above, you’re already started the process. You’ll share some simple details about who you are, the type of credit you’re looking for, and when you need to receive it.
2. Connect with an advisor
Once you’ve submitted your information, one of the members of our team will reach out to you to discuss your options and compare mortgage rates. Should you pick a fixed rate mortgage or one of our variable rate mortgages? Should you choose a closed mortgage or one that can be renegotiated or refinanced?
3. Compare rates for the best deal
Based on your particular situation and financial needs, we’ll help you find the deal with the lowest monthly mortgage payments and the most favorable interest rate, all while getting you the cash you need quickly and efficiently.
What is the best type of mortgage?
The answer will always depend on your financial circumstances, and there are a number of different choices available.
You can choose from closed mortgages and open mortgages, and you can choose from fixed mortgage rates and variable mortgage rates. There are also different term lengths you can choose as well, with options including three year, five year, ten year mortgages, and beyond.
Each choice will affect the annual percentage rate you pay, and certain choices come with restrictions attached. Generally, a five-year mortgage is the most popular, and a shorter mortgage term will usually have a lower interest rate than a longer-term mortgage.
Open vs. Closed mortgages: What’s the difference?
Having a closed mortgage means that once you ink the deal, your interest rate and payments will be fixed for the entire duration of the mortgage. You cannot pay off the mortgage early without paying a penalty.
Closed mortgages are more common than the alternative in Canada, and this is partly because they will usually have lower interest rates than open mortgages. This means you will have a lower mortgage payment every month, and the stability and peace of mind that comes with having a simplified and unchanging payment schedule. Just like an open mortgage, a closed mortgage can have a fixed interest rate or variable rates.
An open mortgage, on the other hand, is one designed to be more flexible. You can choose to increase your monthly payments during the term, either by increasing your regular payments or depositing a lump sum, and there will be no penalty.
An open mortgage can sometimes be a better fit if you expect to receive a financial boost at some point in the future, whether it is from an inheritance, an expected rise in the value of your home, or for some other reason. The downside of having an open mortgage is that you will typically see a higher interest rate associated with them, which means a larger monthly mortgage payment.
As with closed mortgages, you can choose to have fixed rate mortgages or variable ones with your open mortgage.