Mortgage Types

First, Second and Third mortgages and more can be registered as charges against real estate. The First mortgage is generally the lowest mortgage rate and rates generally increase with priority.
Collateral Mortgages: Are personal loans secured by real estate.
Variable Rate Mortgages: Interest rates subject to fluctuation based on various formulas.
Construction Financing: To provide financing during construction.
Convertible Mortgages: Usually 3, 6 or 12 month guaranteed rate or variable rate mortgages with the option to convert to an equal or longer term mortgage during the initial or subsequent terms.
Bridge Financing: To provide cash out of a sold property generally for down payment on a purchased property when the closing dates do not coincide. -i.e. the sale takes place on a date that goes beyond the purchase date of the new property.
Equity take out mortgages: To remove cash equity from a property.
CMHC/GE Capital insured mortgages: Allow the purchase of real estate with as little as 5% down payment on home purchase, the balance is generally provided by way of a single insured mortgage at or below market rate.
Blanket mortgages: Two or more properties are used to secure a single mortgage.