Two words people mix up constantly: amortization and term. They mean very different things, and understanding the difference helps you plan.
Amortization
The total time to pay off your mortgage in full - commonly 25 years. A longer amortization lowers your payment but increases the total interest you pay.
Term
The length of your current contract with a lender - commonly 5 years. At the end of the term you renew the remaining balance at a new rate, until the mortgage is fully amortized.
Why it matters
You'll go through several terms over one amortization. Each renewal is a chance to shop rates - and shortening your amortization (via extra payments) is one of the most effective ways to cut lifetime interest.
Have questions about your situation? An advisor can walk you through it.