CONVENTIONAL VS. HIGH-RATIO
If you can make the standard down payment of 25 percent, you’ll be set for conventional mortgage financing. If you can’t, you’ll get a high-ratio mortgage, which means you’ll pay more interest in the long run.

CLOSED VS. OPEN
Closed mortgages usually offer lower interest rates than open mortgages, which let you pay off as much as you want, any time and without penalty.

SHORT-TERM VS. LONG-TERM
You need to feel comfortable with your mortgage payments.
If you think current rates are reasonable and want the security of budgeting for the future, consider a long-term mortgage (more than three years). But if you suspect that rates will drop at renewal time, consider opting for a short-term mortgage instead.

FIXED VS. VARIABLE RATES
A fixed-rate mortgage means that you’ll always know how much interest you’re paying for a specified term. With a variable-rate mortgage, you can pay a lower interest rate, but there’s risk involved as the rate fluctuates with the market.

For more info, visit the Canada Mortgage and Housing Corporation at cmhc-schl.gc.ca.