IK Financial Metarials
Mortgage Glossary

Mortgage 101 - Mortgage Term

What is a “Mortgage Term”?
It is the length of time of your mortgage contract. During this period interest rate, payment and other mortgage conditions are set.
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What terms options are available?
The most common terms are listed below:
🔹1 year
🔹2-4 years
🔹5 years
🔹11+ years
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By statistics, most Canadians prefer the 5 years term and the second popular option is a 2-4 years term. It is also important to keep in mind that the mortgage term you choose will directly affect your interest rate.
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Want to know what you can qualify for? Talk to one of our Mortgage Agents:
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com