- Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage's term so you will not pay more if interest rates increase over time.
- Variable rate mortgages: Rate of interest you pay may change if rates go up or down.
- Conventional mortgages: Require a down payment of 20% or more of the property's value. You are not required to get mortgage default insurance with a conventional mortgage.
- Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.
- Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.