Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 13

An open mortgage means that you can repay the loan, in part or in full, at any time without penalty. Interest rates are usually higher on this type of loan. An open mortgage can be a good choice if you plan to sell your home in the near future. Most lenders will allow you to convert to a closed mortgage at any time. Many experts suggest taking an open mortgage for a short term in times of high rates and converting to a closed mortgage when rates fall.