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What Are “Mortgage Terms"?

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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 3 (XP: 600)
5 months ago
Contact the Canadalend team today to learn more about the options currently available to you
Level 3 (XP: 600)
9 months ago
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)
last year
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)
last year
Can mortgage terms be flexible for first-time mortgage owners?

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