What is the difference between "Term and Amortization"?

Term refers to the length of time which a specific mortgage agreement covers, generally between 6 months to 5 years. When the term matures, the balance of the mortgage is either paid off or renegotiated for another term at the rates in effect at the time.

Amortization period refers to the actual number of years it will take to repay the entire mortgage typically 25 years.

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