Welcome to the Thrilling World of Mortgages!

 Open mortgages provide you with more flexibility to prepay your mortgage. A closed mortgage limits your prepayments and will penalize you.

 Commercial mortgages are typically used for income-generating properties with more than four units.

 A reverse mortgage is a loan secured by real estate which becomes due when the borrower dies, moves or sells the collateral. 

Private mortgage lenders offer short-term mortgages as an alternative to the big banks. Private mortgages have higher interest rates and fees, but they’re easier and quicker to be approved for.

 Insured mortgages require a credit score of at least 600, while banks generally require a score of 600 or higher. If you have bad credit, you’ll need to consider getting a mortgage with a B lender or a private mortgage lender.

 Insurable mortgages have a down payment greater than 20% and can be insured by the lender.

 A high-ratio mortgage is when you make a down payment of less than 20%.