Definition : Immovable hypothec (conventional) - Open loan

Mortgage loan that can be repaid in whole or in part before the end of the term, without payment of an indemnity.This type of loan usually has a higher interest rate than the closed loan.

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It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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