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The time over which the mortgage is to be completely repaid, assuming equal payments. This means that when looking, for example, at a mortgage with a 25-year amortization period, it would take 25 years to reduce the balance to zero, if all regular payments were made on time and the terms (payment, interest rate) remained the same.

Currently the maximum amortization for High Ratio insured mortgages is 25 years. Conventional mortgages still have a maximum amortization of 35 years available.