Mortgage Types - Convertible Mortgage

Kelleway Mortgage Architects

A low-rate mortgage with added flexibility
This is a short-term mortgage with a fixed interest rate and the flexibility of converting to a long-term closed mortgage at any time.

The convertible mortgage could be for you if any of the following apply:

• your mortgage is 50% to 75% of the home's value
• you want to minimize the risk of varying payment amounts, while keeping your options open
• you think interest rates will decrease gradually in the short term

The mortgage is convertible to a longer-term closed mortgage ranging from 1, 2, 3, 4, 5, 7, or 10 years, either Fixed or Variable, and without any prepayment costs.

If you like to take advantage of interest rate fluctuations, a short-term Convertible Mortgage is for you. This mortgage lets you benefit from the typically lower interest rate of a short-term mortgage, with the option of converting to a longer closed term at any time – at no cost to you!

Call Glen Kelleway at (604)476-0053 or tollfree 1 866 476 0053 or e-mail glen@mtgitright.com to discuss the advantages and flexibility that convertible mortgages can provide.