Insured or high ratio? You can borrow up to 95% of the purchase price. The downpayment can be as low as 5%
Or conventional? You can borrow up to 75% of the purchase price but you will need 25% down.
Open mortgage? You can repay all or part of the total amount at any time without penalty.
Closed mortgage? Usually has the lowest interest rate but lacks the flexible features of other mortgage options. Prepayment options are available.
Portable mortgage? You can take the mortgage to your new home or transfer it to the purchase of your old home (with lender approval). A good selling feature for sellers if the rate is lower than current rates.