- Variable rate only; the interest rate usually is based on a fixed premium over or below the Prime Lending Rate.
- Open Mortgage within a maximum 36-month term: client has the privilege to exercise the options, including paying down principal by any amount, paying out the mortgage in full and converting to a new term, without having to pay interest penalties, though the client usually has to pay an application fee for an open term mortgage product.
- Closed Mortgage within 1 to 5 years term: client has the annual pre-payment privilege subject to maximum of 20% of the original principal, based on the anniversary of completion (not calendar year) but will be charged pre-payment penalty of 2% as the annual pre-payment exceeding 20%.