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Mortgage Brokers Glossary - O

Open Mortgage

This allows you to pay back the borrowed funds without notice or penalty. There are two types of open mortgages:

• Fixed rate mortgages; the term is usually fairly short (6 months to a year) although themortgage.com contains some longer open terms; and the interest rate will be higher than on a closed mortgage.
• Variable Rate Mortgages (VRM's) are usually open (and are "collateral" type mortgages) but recently, several institutions have introduced closed versions.

	Best Mortgage Rates
	TERM		BEST RATES
	Variable		2.85
	1 Year		2.89
	2 Year		3.09
	3 Year		2.89
	4 Year		2.99
	5 Year Sale!!		3.10
	10 Year		3.99
	ZERO DOWN		5.24