The terms of a mortgage refer to the specific conditions and agreements that are set out in the mortgage contract. Mortgage terms generally refer to the interest rate, the length of the mortgage (also known as the amortization period), the amount and frequency of the mortgage payments, and any fees or charges that may be associated with the mortgage.

It is always important to carefully review and understand all of the terms of a mortgage offer as you are agreeing to be bound by them for a set period of time.

Not many people are concerned with any of the terms of the financing they are being offerred beyond the interest rate and the corresponding monthly payment and frankly, this is a mistake. It's very important to understand the terms of your mortgage and we encourage people to read the agreement and ask questions.