Fixed Rate
This is a rate you commit to for a defined period of time, between one and five years. The longer you commit, the lower the rate (usually)! Typically, your payments are locked in for the same period of time with a fixed rate.
Rates
Conventional Mortgage
Kindred’s full-feature mortgage provides you affordability and flexibility.
Choose the term length that fits your life — 1 to 5 years; choose a variable or fixed rate; open or closed mortgage. Flexibility to prepay up to 20% of your remaining principal balance once annually between anniversary dates. Plus, you can increase your regular payment by 20% once anytime between anniversary dates. Use the equity in your home to access additional credit in the future for a home renovation loan or line of credit.High Ratio Mortgage
Kindred’s value mortgage might be right for you if you’re looking for a great rate mortgage without any bells and whistles!
While best suited for first-time home buyers, this is also a great option where the down payment is more than 20%. Mortgage insurance is required when the down payment is less than 20%. Prepayments up to 10% are permitted, if you have a little extra that you want to put towards your principal and pay down your mortgage more quickly. Closed mortgage; fixed rate. Let’s talk about your options, we’re here to help!
Variable Rate
A variable rate ‘floats’ with Kindred’s prime rate, which is related to the Bank of Canada’s prime lending rate. If interest rates appear to be on the way down, you could benefit. However, rates could also go up; in that case, your rate and your regular payments would increase.
Rates
Open Mortgage
If you think you’ll sell your property soon, an open mortgage might be a good idea. Your rate will be slightly higher, but you’ll have the flexibility to pay down the balance when it works for you because there’s no charge for making prepayments (meaning, paying off the mortgage whenever you like).
Closed Mortgage
The most common option, a closed mortgage, means that you’re committed for the term of the mortgage. You benefit from a steady interest rate and set payments. If you do decide to sell in the middle of your term, you’ll have some options, including ‘porting’ or moving your mortgage to your new home.
