What is a “High Ratio” Mortgage? · A mortgage with a down payment of less than 20% What is a “Conventional” Mortgage? · A mortgage with a down payment of at least 20% What is a “Fixed Term” Mortgage? · The Mortgage interest rate and payment are set for a specific term anywhere from 1 year to 10 years. This mortgage can only be paid prior to the end of the term by paying a penalty. What is an “Open Mortgage”? · The Mortgage interest rate and payment are sent for a specific term normally from 6 months to 2 years. These mortgages can be paid out at any time without penalty. What is a “Variable Rate” Mortgage? · The Mortgage rate fluctuates with the prime rate either at the prime rate or at a specified rate abov...