[Frances01]

A mortgage term refers to the period within which you’ll be mortgaging a house through a single lender, paying the specific rate (principal and interest) you’ve agreed upon, and abiding by the various other terms and conditions listed in your particular contract. A typical mortgage term in Canada can be anywhere from 6 months to 10 years. During that time, you’ll need to make your designated mortgage payments to avoid defaulting.

Strictly speaking, shorter mortgage terms will result in a better rate than longer ones, but again, this depends on your lender. So, if it is a short-term mortgage, you can choose the scheme with which you are comfortable so that you can renew the mortgage once the term is up!

The interest rates vary between a variable term and fixed term mortgage. This fixed term mortgage in Ontario could help you ( http://www.northwoodmortgage.com/mor...gages-toronto/ ) from the risk of a sudden increase in interest rates associated with variable (adjustable) rate mortgages.

[tpayne1987]

There are so many subtleties with these mortgages! I hope that once I could (not only me, but everyone) live without it. As for me, any broker (Mortgage Advisor Newcastle, for example, just advice, nothing more) can help you find the better decision when you choose the type of mortgage. Taking a mortgage is a very important and crucial step cause if you can't pay it off, it will impact your future life. Before taking it, you should count all pros and cons, discuss it with your friends and family, and think about what you would do if you couldn't pay it off.

[Caryanadams]

Yes many brokers available in the market but not all are good. But Morfinity mortgage advisor Birmingham is the best because i used its services personally myself.