Finding the right mortgage term for you

Borrowers often focus on interest rates when shopping for mortgages, but the term length of the mortgage contract is crucial for overall costs and flexibility. In Canada, common mortgage term lengths include three years (flexible but requires more lender comparison), five years (popular but can lead to penalties if broken early), and ten years (secure for long-term planners). It's advised to consider various options beyond the popular five-year fixed term to align with both short and long-term goals.