An open-term mortgage lets you make payments ahead of schedule without paying a penalty, so it’s a good choice if you think you will be able to pay your mortgage off early, or are looking to sell your home.

For example, if you expect to receive some cash soon – through an inheritance, a bonus, the sale of your home, or other means – an open-term mortgage may be the right fit. However, if you prefer to make regular payments over the long term, you’ll probably save more money and have more peace of mind with a fixed-term mortgage as you will likely have a lower interest rate.

Unsure of what mortgage you can afford? Try our Mortgage Calculator. 

Features and benefits:

• Choose a mortgage term of 6 or 12 months
• Repay any portion of your mortgage at any time
• Pay no penalty for early or extra payments
• Pay no penalty for converting to another mortgage type early
• Enjoy a predictable payment schedule (weekly, bi-weekly, monthly, or semi-monthly)
• Assign it to another party
• Assumable and portable
• Credit life, critical illness and disability insurance available

Mortgage Rates

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