The amortization of your mortgage is the number of years you will need to pay off your mortgage. Typically, amortizations in Canada are available in 25, 30 and 35 year periods, but mortgages with shorter amortizations are available as well. A longer amortization lowers your monthly interest payments and allows you to have increased cash-flow on a month to month basis; however, with a longer amortization you’ll be paying more interest.
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