Over the past 30 years, mortgages have changed in many ways with new features that benefit consumers. This table lists some of the key developments.
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.