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The following mortgage options are the most common, and knowing which one is best suited to you and your personal circumstances, can be achieved with the help of a qualified and experienced mortgage broker.


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The following mortgage options are the most common and knowing which one is best suited to you and your personal circumstances can be achieved with the help of a qualified and experienced mortgage broker. Open mortgages: These are best suited to those who want to make significantly large mortgage payments or pay off the mortgage in its entirety without being penalized. Those buyers who wish to do this must be prepared to accept fluctuations in the interest rate.

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Closed mortgages: The period in which the home buyer can pay off the mortgage is predetermined along with the rate of interest and if they choose to pay it off in full before the end of the closed term they will likely be penalised. The rate of interest chosen may be variable or adjustable depending upon the buyer’s needs. With lower rates than open mortgages many lenders permit borrowers with closed mortgages to make lump sum payments of up to 10 15 or 20 of the original mortgage amount once a year without being penalised.

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Convertible mortgages: These mortgages give homeowners the opportunity to alter the mortgage type during its term and come with lower rates of interest. For example if the buyer initially wanted an open mortgage and then chose to lock into a closed one a convertible mortgage enables them to do so without having to pay a penalty. Hybrid mortgages: When registering if more than one type of mortgage is contained in the agreement then the term ‘hybrid’ is used. From 2 right up to 100 different types of mortgage can be registered and lenders have their own individual names for these.

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These mortgages are best suited to borrowers who are highly in tune with their financial needs and who will use it as part of their overall financial plan. Reverse mortgages: For those who are 55 and older a reverse mortgage enables them to convert their home equity into a lump sum payment or regular payments to be used for living expenses. When the homeowner wants to vacate the property for whatever reason or they pass away the balance of the loan is due and usually settled from the proceeds of the sale of the property by the owner or whoever inherited it.

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Often it’s not always straightforward to know which type of mortgage is right for you and with the global pandemic that we’re currently experiencing your options or your personal circumstances may have altered. Working with an independent mortgage broker is the best way to ensure that you don’t make the wrong choice when it comes to buying a mortgage and is often the swiftest way to make sense of the complex world of lending.

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Red Key Mortgage is located in Calgary Alberta. We are a boutique brokerage with high volume serving hundreds of clients locally and nationwide every year. We have a number of associates dealing in mortgages as licensed by the Real Estate Council of Alberta. As a best mortgage broker in Calgary Red Key Mortgage will provide all of your available options from the entire mortgage market and allow you to make an educated decision where youd like your mortgage to go. Red Key Mortgage works with big banks in Canada as well as over a dozen other AAA lenders. Best of all our services are paid for by the lenders at no additional cost to our clients. If you are looking for a Calgary mortgage broker contact us today We cant wait to get started.

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