Resources
FIND ALL YOU NEED TO MAKE THE BEST MORTGAGE DECISION
All Your Useful Tools In One Place
We understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
Explore our rich collection of tools and resouces to guide you towards making the most informed decision
MORTGAGE COMPARISON CALCULATOR
Compare different mortgage scenarios and sort through the monthly payments, fees and other costs associated with getting a mortgage.
How much interest can you save if you refinance your mortgage? This calculator helps you find out!
MORTGAGE LOAN CALCULATOR
This calculator steps you through the process of finding out how much you can borrow.
MORTGAGE GLOSSARY
We’ve put together of list of common mortgage and homebuying terms to help you better understand the process of buying a home. Find more in the FAQ section
Mortgage Types
Closed mortgage This type of mortgage must usually remain unchanged for whatever term you agree to. Prepayment costs will apply if you payout, renegotiate, or refinance before the end of term. Convertible mortgage This is a mortgage which offers the same security as a closed mortgage, but which can be converted to a longer, closed mortgage at any time without prepayment costs. Typically associated with fixed rate mortgages Open mortgage This type of mortgage may be repaid, in part or in full, at any time during the term without any prepayment costs.
Rate Types
Fixed rate mortgage
An interest rate that does not change during the entire mortgage term.
Variable rate mortgage
An interest rate that will fluctuate in accordance with the prevailing market prime rate during the mortgage term.
Mortgage rate
The percentage interest that you pay on top of the loan principal. For example, you may take out a mortgage of $100,000 at a rate of 12%. Your monthly payments will consist of a portion of the original $100,000, plus 12% interest.