Shaping your mortgage so it fits both your budget and lifestyle requires much more than simply finding the lowest mortgage rate.
The length of your mortgage term should be a primary concern when comparing lenders and loan products. How long your mortgage lasts will influence how much flexibility you’ll have as a homeowner and how much predictability you’ll have in terms of knowing what your mortgage will cost you every month.
Three common loan lengths in Canada are three, five and 10 years — and choosing a term is one of the most important mortgage decisions you’ll make as you enter Canada’s scorching housing market.
