Not only that, more effort is being made by financial institutions to use plain language writing in mortgage documents to make them easier to read and understand. Plain language writing uses words and examples that are familiar to readers and, when that is not possible, defines legal and technical terms to explain a complex concept or calculation. The table below lists some other key developments in how mortgages have changed.
Convertible mortgages offer lower rates than same term open mortgages.
Increased choice can offer protection against rising interest rates. Only five-year closed mortgages were available. Monthly payments only. The market is so competitive that some lenders may discount mortgage rates, generally based on the customer s relationship with the financial institution. Some lenders offer incentives including cash-back and points programs to attract customers.