Conventional Mortgage: This is the most common type of mortgage in Canada. It typically requires a down payment of at least 20% of the purchase price of the home. Conventional mortgages can come with either fixed or variable interest rates, providing flexibility depending on your financial preferences.

High-Ratio Mortgage: If a homebuyer has a down payment of less than 20% of the purchase price, they'll need a high-ratio mortgage. These mortgages require mortgage default insurance to protect the lender if the borrower defaults on the loan. This insurance is usually provided by the Canada Mortgage and Housing Corporation (CMHC) or other private insurers.

Fixed-Rate Mortgage: A fixed-rate mortgage offers stability by locking in the interest rate for the entire term of the loan, making it a reliable option for those buying property in the Comox Valley who prefer consistent monthly payments.

Variable-Rate Mortgage: Variable-rate mortgages have interest rates that can fluctuate with changes in the lender's prime rate. While borrowers may benefit from lower initial rates, their payments could increase if interest rates rise.

Open Mortgage: An open mortgage provides flexibility, allowing borrowers to make additional payments or pay off the entire mortgage before the end of the term without prepayment penalties. This can be advantageous for Comox Valley residents who anticipate changes in their financial situation, though open mortgages often come with higher interest rates.

Closed Mortgage: Closed mortgages have set terms and conditions, including fixed or variable interest rates, and generally have restrictions on prepayment or early termination. While they usually offer lower interest rates compared to open mortgages, there may be penalties for paying off the mortgage early or making extra payments beyond the allowed limit.

Home Equity Line of Credit (HELOC): A HELOC allows homeowners to borrow against the equity in their home, similar to a revolving line of credit. Homeowners can access funds as needed and make interest-only payments on the amount borrowed. HELOCs often come with variable interest rates.

As with any financial decision, it’s essential for homebuyers in the Comox Valley to carefully assess their options and choose the mortgage that best suits their needs and financial situation.