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.
What terms options are available?
The most common terms are listed below:
🔹1 year
🔹2-4 years
🔹5 years
🔹11+ years
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.
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