The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates.
What is the longest mortgage term in Canada?
25 years 25-year fixed mortgage rate means your interest rate is locked in for 25 years. It’s the longest mortgage term available in Canada, and RBC Royal Bank is the only lender that currently offers this term.