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Fixed: The interest rate is fixed until maturity. The amount of payment is fixed; you know exactly how much your payments will increase until the end. The closed fixed rate loans carry cancellation penalties if the loan is repaid prior to maturity.
Variable: When the rate is variable, mortgage payments are fixed for the term even if the rates fluctuate during this period. If market rates fall, the portion of the payment allocated to principal increases. However, if market rates rise, the portion of the payment allocated to the payment of interest is higher.
The length of time your mortgage agreement is in force. When this time has elapsed, the entire principal balance must be repaid or the mortgage must be renewed or renegotiated with the current rates and conditions.
The number of years you take to repay all of your mortgage
If this amount is unknown, you may estimated it at 1.5% of the purchase price of your home. The actual amount of property taxes varies depending on the region.