Did you ever hear some mortgage lingo and find yourself confused about the meaning? Mortgage Amortiztion. Mortgage Term. Say What? In Canada, a mortgage contract contains all the conditions that you follow while you have your mortgage. You are bound to this contract for the TERM of your mortgage, which in Canada is typically five years.
However, your mortgage will likely not be paid off within that five year period as the current most common length of a mortgage is 25 years; this is the AMORTIZATION. [Read more…] about Amortization vs. Mortgage Term