Lendii.caLendii.ca home
Glossary

Amortization

The total length of time to fully pay off your mortgage in full, commonly 25 years in Canada, though 30-year amortization is available to first-time buyers and buyers of new construction on insured mortgages.

Amortization and term are not the same thing. Amortization is the full payoff horizon; term is the length of your current contract, typically 1 to 5 years. You renew your term multiple times over one amortization period.

Have questions about your situation? An advisor can walk you through it.

Ready to make your mortgage work for you?

Pre-approval takes minutes, with no impact to your credit score.