Financial Product Reviews

Open fixed rate mortgages are a niche product, designed for people who need a very short-term mortgage with predictable payments and the option to pay it off in full at any time. Perhaps your current mortgage needs to be renewed, but you're planning to sell your house in the next few months. Or maybe you have a sizable chunk of money coming in soon. Whatever the reason, if you need an open fixed rate mortgage, you're going to find that most lenders have pretty similar options available.

If you're looking for ultimate flexibility with your mortgage, a TD open fixed rate mortgage allows you to make extra payments towards your principal at any time – without extra charge. To add to the flexibility, you can switch to a closed mortgage at any point during your term, again with no charge.

If you want to take advantage of current super-low mortgage rates, but don't necessarily want to sign up for the long term, an open fixed rate mortgage might be right for you. The Scotiabank open fixed mortgage offers both 6 month and 1 year terms, but you have the option to pay it off in full early, if you like, or to convert it to a longer term mortgage at any time.

A TD RRSP gives you a wide range of ways to invest for retirement while taking advantage of the tax-deferred growth that comes with a Registered Retirement Savings Plan. You can go the self-directed route with TD Direct Investing, buying and selling stocks, ETFs, and other investments, or take a simpler path with mutual funds, non-cashable or cashable GICs, or even a basic registered savings account. This flexibility makes TD a convenient one-stop shop for retirement savings, whether you prefer a hands-on or laid-back approach.

ExpressVPN is a Virtual Private Network (VPN) service that protects your personal data with end-to-end encryption, giving you control over your own online privacy and security. You'll also have the ability to get around geoblocking of certain websites and services, whether it's American Netflix, Hulu, or other content we can't normally access in Canada.

While few opt for a home equity line of credit instead of getting a traditional mortgage when they have relatively little equity in their home, this option can be attractive to those who owe less on their home. With the ability to split your TD Home Equity FlexLine into a revolving portion and a term portion, you can take advantage of interest rates when they're low and flexible prepayment options at the same time. You could use the term portion to pay off your house, for example, and the revolving portion to pay down existing debt or do some renovating.

With the rise in interest rates, variable rate mortgages have been declining in popularity in Canada. Consumers are looking for increased stability during this period of high inflation and cost of living.

With interest rates changing as often as they have been lately, variable rate mortgages aren't getting a whole lot of attention. Most people are looking to lock in their rates with longer term fixed rate mortgages, so options like open variable mortgages – with their shorter terms and unpredictable rates – are being chosen only by people with very specific mortgage requirements.

If you're looking for a 5 year mortgage, but you also want the option of paying it off whenever you want, you might be interested in a Scotiabank open variable mortgage. Open variable mortgages generally have 5 year terms with flexible repayment options – offering you complete control over how and when you pay them off, but still at competitive mortgage rates...for a time.

The RBC Homeline Plan is a surprising product from RBC that combines a traditional mortgage with a home equity line of credit. With this loan, homeowners have access to a revolving credit line that increases as what you owe on your mortgage decreases. It's an interesting, popular hybrid product that offers significant flexibility.