Mortgage Flexibility: Open vs. Closed Options | Tailored mortgage solutions to secure your dream home, start your process online with Mandeep Maan at breezeful Mortgages

Mortgage Types Overview:
– Closed mortgage: lower rates, less flexibility
– Open mortgage: higher rates, greater flexibility

Closed Mortgages:
– Fixed rates, less flexibility in payments
– Prepayment allowed up to 10-20% annually
– Penalties for early payoff: 3 months’ interest or rate differential