At the end of a mortgage term, the mortgage may “roll over” on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
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| Term | Rate |
|
PRIME |
3.00% |
|
Variable |
2.79% |
|
1 Year |
2.89% |
|
3 Year |
2.99% |
|
4 Year |
3.19% |
|
5 Year |
3.29% |
|
10 Year |
3.99% |