CWB Optimum Mortgage

Understanding theĀ basics

Choose the right options for you.

  • There are characteristics of your mortgage you should consider in addition to the type of mortgage you select.
  • Learn the basics about mortgages to make the decision that best fits your needs.

Open mortgages:

An open mortgage is right for you if you are looking to pay off your mortgage in the near term.

  • Can be paid off in part or in full at any time with no prepayment charges.
  • Can be converted to another mortgage type at any time without prepayment charges.
  • Generally have a higher interest rate.


Closed mortgages:

A closed mortgage may be right for you if you are looking to keep your interest costs to a minimum and pay down your mortgage faster.

  • Are the most popular type of mortgage.
  • Generally offer a lower interest rate than open mortgages.
  • Are subject to prepayment charges if you choose to pay it off prior to maturity, refinance your home or transfer your mortgage to another lender.

Our mortgage products have term lengths ranging from one to five years.  

A short-term mortgage has a term length of two years or less. It might be right for you if you think mortgage interest rates might decrease by the end of your term.

A long-term mortgage has a term length of three years or more. It might be right for you if you feel interest rates are at a reasonable level and you want the security of managing your payments over a longer period of time.