Canada’s Mortgage Market: Basics You Need to Know | your*realtor

Amortization Period:
– Number of years to pay off your mortgage
– 25 or 30-yr periods to minimize payments
– Longer period means more interest paid overall
Mortgage Term
– Definition: Years your mortgage agreement lasts
– Standard Term: 3-yr fixed terms are now popular
-Renegotiation: Term's end, with prepayment options