Features and Advantages

During the first six months of the term and after making your first payment, you may exercise a first option to convert this term to a closed term of between one year and five years. The interest rate will then be set at the published rate for the chosen term (less 1% for a 60-month term).

If you don’t exercise your conversion option during the first six months, your loan will be renewed automatically for another six-month term.

During this second six-month convertible term and after making your first payment, you may convert the term of the loan to a closed term of between one year and five years.

At the end of this second six-month term, if you haven’t exercised your conversion option, the term of your loan will be converted automatically to a closed one-year term.

This type of loan includes the same advantages as the six-month convertible mortgage loan:
- no fees on conversion of the term to a closed term;
- a high degree of flexibility in the terms offered upon renewal.