Features and Advantages

After your first payment and during the first six months of the term, you may 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, for one reason or another, you do not avail yourself of this option before the end of the sixth months, the term of your mortgage loan will be converted automatically to a one-year term.

Among other advantages, this type of loan has no fees if you convert the term into a closed term and provides a high degree of flexibility in the terms offered upon renewal.