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Loan Option:

Closed Mortgages
A closed mortgage is a mortgage that has the rate locked in for a certain term. The mortgage rate will not change during the term, but if the mortgage is paid out in full before the term ends, penalties may apply. Closed mortgage terms can range from 6 months to 25 years. The most common term Canadians prefer is 5 years.

A HELOC stands for Home Equity Line of Credit or Line of Credit (LOC). The difference between a heloc and a loc is a heloc is secured against a property and a loc is unsecured. The repayment on a heloc is usually interest only and the rate is usually based around the prime rate. A heloc can be paid out at any time without penalty and can be used again at any time without re-qualifying.

Open Mortgage
An open mortgage is like a closed mortgage but can be repaid at any time before the maturity date without penalty. The interest rates on open mortgages are usually higher than fixed rates. The most common open mortgage term is 6 months - 1 year.

Variable Rate Mortgage
A mortgage with an interest rate that may change, usually in response to changes in the prime rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates. ARMs usually start with better rates than fixed rate mortgages, in order to compensate the borrower for the additional risk that future interest rate fluctuations will create.

Flexible Financing Options
As Canada's national housing agency, CMHC is uniquely positioned to offer you a range of financing options to ensure you have access to a wide choice of quality, affordable housing.

CMHC Purchase
Enables homebuyers to purchase a home with a minimum down payment of 5 per cent.
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