With a variable-rate mortgage your payments will never go up if prime goes up.

A convertible VRM gives you protection in case interest rates go up.

Open mortgages offer slightly better rates than closed mortgages.

Most fixed-rate mortgages are convertible.

principal portion of the payment.

interest portion of the payment.

increase in equity.

beginning and ending balances.

$920.54

$1093.79

$1009.65

$2187.58

It has a minimum interest rate of 6%.

It can be paid off at any time without penalty.

It has limitations on how much additional principal you can pay each year.

It is a 30-year contract.

$120 000

$130 000

$110 000

$100 000

Increases your chances of selling a house by over 20 percent

Enables you to shop online and save time

Higher price for houses sold or lower prices for houses bought

Easier access to qualified realtors

$25 000

$40 000

$70 000

$100 000

Determine how much you can afford to pay monthly for a mortgage.

Interview three realtors.

Compare the costs of buying versus renting

Determine the price range for houses in your target area.

Purchasing a condominium is very different than purchasing a house.

The maintenance fees of common areas are shared.

Purchasing a condominium is a simpler decision than purchasing a house.

The purchaser owns the land on which the condominium is built.

$2538

$2080

$2775

$2670