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What's the difference between a short-term and long-term mortgage?

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A short-term mortgage has a term less than 3 years. It generally offers a lower interest rate than a long-term mortgage. When the current interest rates are high, and you think they may drop, a short-term mortgage lets you to lock in for a shorter term.

A long-term mortgage has a term of 3 years or more. It generally offers a higher interest rate than a short-term mortgage. When the current rates are reasonably low, a long-term mortgage secures the interest rate for a longer period and makes budgeting easier.

† Simplii Financial personal banking services are provided by the direct banking division of CIBC. Banking services not available in Quebec.
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