What is Term (Mortgage Term) in Canadian mortgages?
The length of time the current mortgage contract (interest rate, conditions) is in effect. At term end, the mortgage renews. Different from amortization.
What is the Term limit for Canadian mortgages?
Common terms: 1, 2, 3, 5 years. Maximum 10 years.
Term example
Worked example
5-year term on a 25-year amortization: same rate for 5 years, then renew at market rates for next term.