Your mortgage term is when your mortgage agreement and rate will be in effect. Mortgage terms range from 6 months to 10 years, with 5 years being the most common term. But, just because 5 years is the most common doesn’t mean it’s right for you. Like the mortgage, choosing the term depends on your needs and goals.
A mortgage term is one of the criteria lenders use to price mortgages, so comparing pricing based on rate alone doesn’t make sense without deliberating on the correct term that best suits your needs. We recommend you have a mortgage assessment discussion with your mortgage professional to understand the most suitable solution for your unique borrowing situation