What is amortization and a mortgage term?

Last Updated: Jun 22, 2017 03:25PM PDT

Amortization is the overall length of time it'll take to repay your mortgage. Most mortgages are issued with a 25 year amortization. Some mortgage lenders will allow you to have an amortization of 30 years if you have more than 20% down payment.

The term is the length of time you're committed to the particular rate and terms. A full amortization period is usually made up of several terms. At the end of every term, your mortgage is up for renewal and Mogo will help you get a new mortgage term.

MogoMortgage is offered by Mogo Mortgage Technology Inc. o/a MogoMortgage (Ontario: FSCO License No. 12836)

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