Should I choose an open or closed term mortgage?

You can choose between an open or closed term for your mortgage. Here are the main features.

For a closed term:

• You agree to keep your mortgage until the end of the term.
  
• You may have to pay a fee if you want to renegotiate or pay off the mortgage before the end of the term.
  
• The interest rate is usually lower.
  

Good to know:

A closed term may better suit your needs if you intend to keep your property at least until the end of your term.

For an open term:

• You can renegotiate or pay off your mortgage early without penalty.
  
• The interest rate is usually higher.
  

Good to know:

An open term may better suit your needs if you plan to sell your property before the end of your term.

Need advice?

• Discuss your project with one of our mortgage advisors. 
  
• Contact us to discuss your mortgage renewal.
  

Want to learn more?

• Find out about our current mortgage rates.
  
• Read our article on prepaying a mortgage before the end of the term.