An open mortgage offers the most flexibility from a mortgage repayment standpoint. In this case, the lender allows you to make partial or full mortgage payments without incurring penalty or extra costs.
In addition, an open mortgage in Toronto allow you to:
Opt for a short mortgage term from six months to five years
Repay your mortgage amount anytime during the term, without penalties or additional fees
When should you choose an open mortgage in Toronto?
If you have saved or are expecting to receive a large sum of cash
Face uncertainty that may require you to pay off your mortgage earlier
Universal Mortgages Brokerage No. : 10039
License number : #M08000913