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Types of loans

Mortgage products available on the market fall into the following categories:

  • conventional and high-ratio mortgages
  • open and closed mortgages
  • fixed and variable-rate mortgages
  • special options



Amortization: the number of years required to repay the loan in full, usually between 10 to 25 years.

Term: the period during which the conditions of the loan (rate, payments) are valid. The term is normally between 6 months and 5 years, but can be as long as 10 years.

Payments: payments can be monthly, bi-weekly or weekly, accelerated or not. They are based on the term and amortization of the loan, as well as the interest rate.



Last updated on: December 18, 2023
Reference number: 266057