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What is a mortgage term, and how does it affect my mortgage?

Author: Keith Uthe Demystifying Mortgages |

A mortgage term refers to the length of time you commit to a specific mortgage agreement with a lender. It can range from 1 to 10 years in Canada. During the term, you will have a set interest rate and specific conditions. At the end of the term, you can choose to renew your mortgage, negotiate new terms, or pay off the remaining balance.