When you get a mortgage with a lender, your contract is in effect for a specific period of time. This is called the mortgage term and it can range from a few months to five years or longer.
You have to renew your mortgage at the end of each term unless you pay the balance in full. You'll most likely require multiple terms to repay your mortgage in full.
Original Article Source Credits: Canada.ca , https://www.canada.ca/
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Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html