Mortgage Amount If you are a first-time homebuyer, the mortgage amount is the price of the home you intend to purchase, minus your down payment. If you are renewing or refinancing your mortgage, this is the value of your the mortgage.
       Term The mortgage term is the amount of time a home buyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.
       Amortization The amortization period is the length of time it takes to pay off your mortgage in its entirety. The most common amortization period is 25 years, with the maximum set at 30 years for down payments less than 20%. Although longer amortization periods reduce your monthly payments, you will pay more interest over the life of your mortgage.
Provider
HELOC
HELOC
3 years
Fixed
5 years
Fixed
10 years
Fixed
Manulife One
Manulife One 		3.50%
Prime + 0.50 		3.30% 3.40% N/A
National Bank
National Bank 		4.00%
Prime + 1.00 		3.95% 3.99% 6.75%

Ontario Current Mortgage Rates