Question: What is a key difference between the mortgage term and the amortization period in Canada? Question 3 options: The mortgage term refers to the total

What is a key difference between the mortgage term and the amortization period in Canada?

Question

3

options:

The mortgage term refers to the total time it will take to pay off the mortgage, while the amortization period refers to the time until the next renewal.

The mortgage term is the total time required to pay off the mortgage in full, while the amortization period is the frequency in which payments are made.

The mortgage term is the period for the agreed

-

upon mortgage rate and conditions, while amortization period is the time to pay off the entire loan.

The mortgage term is typically shorter than the amortization period and determines the interest rates for the entire amortization period.

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