A mortgage term is the period of time for which you signed a contract with a lander , usually it varies between 1 and 10 years. The conditions of that contract remain in effect during that period of time, like the interest rate, the payment schedule and so on. At the end of your mortgage term you’ll have to renew your mortgage contract. In Canada, as the table below shows the majority of mortgages are with five years term.

What the amortization period stands for is the total length of time needed your mortgage to be fully paid. Most popular amortization period is 25 years, and according to the most recent data, if your down payment is less than 20 percent, 25 years is the longest amortization period you can get. Meaning is the longer the amortization period the longer time it will take you to repay your loan. As conclusion we can generalize that longer amortization period will reflect in paying more interest over your loan life.