Apply Online in 60 SECONDS & GET APPROVED NOW!

What Are “Mortgage Terms"?

Back to Home

What Are “Mortgage Terms"?

 

I am just now starting my research on mortgages and what it all entails.

 

I am still a little confused regarding the "mortgage terms" what are they and what is the difference?

Answers

By Canadalend
Thank you for your question.
 
Here are some examples of mortgage terms.
  • A mortgage term is the length of time, which it usually is in years, in which the limits of a mortgage have legal effect.
  • Longer term mortgages tend to carry a higher interest rate as oppose to a shorter term mortgage.
  • Shorter term mortgages have a lower interest rate, but are subject to renewal over a much shorter period, which restricts a buyer to “lock in” a low rate. 
Please feel free to contact a member of the Canadalend team today to learn more about mortgage terms and how they apply to you.
 
5 comments
Level 4 (XP: 1300)
last year
Contact the Canadalend team today to learn more about the options currently available to you
Level 4 (XP: 1300)
last year
Thank you for your feedback
Level 4 (XP: 1150)
It would seem like the shorter term mortgages would be the way to go but theyre subject ot renewal at a shorter period of time than I dont know, i guess I need to request a consultation with Canadalend in order to get a better idea of what my options are.
Level 6 (XP: 2400)
2 years ago
This is something I'm interested in finding out myself....I will be a first time mortgage owner and I am beginning my research
Level 9 (XP: 3600)
2 years ago
Can mortgage terms be flexible for first-time mortgage owners?

Reviews

4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!
featured_on
Powered by RWARDZ