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.
Mortgages were only available at the posted rates. Prepayment Provisions Prepayment provisions vary and permit, for example, an annual lump sum payment of up to 15 per cent of the outstanding balance, a doubling-up of a monthly payment, or an increase in the periodic payment amount. Total prepayment of the mortgage before the end of the term is possible, but may be subject to penalty. Portability and Blend and Extend options allow consumers to avoid prepayment penalties. No charges apply with portable mortgages.