One Source Financial

Your mortgage term and your amortization period are important aspects of your mortgage. What's the difference between them?

Here's what the Financial Consumer Agency of Canada has to say:

"The mortgage term is the length of time your mortgage contract is in effect. This includes everything your mortgage contract outlines, including the interest rate. Terms can range from just a few months to five years or longer. The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term."

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