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Frequently
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What is the difference between an open and closed mortgage?

An open mortgage means you can pay off the mortgage or transfer it to another financial institution at any time, penalty-free.

Typically, open mortgages have a variable interest rate, meaning the rate can go up or down as market rates change.


A closed mortgage means you are locked into a fixed term. Terms range from 6 months to 5 years.

If you pay off your mortgage or transfer it to another financial institution before the end of the term, you will pay a pre-payment penalty.

Closed mortgages can have a fixed rate or a variable rate.


Contact us to review which mortgage option is better for you.