There are Three things to be clear about with Canadian Mortgages. The first is amortization which can be 1 year to 40 years. This is the lenght of time that you will take to repay the loan.The second is open or closed term. Open meaning that the loan can be repaid at any time with penalty. Closed means that there is a penalty to pay off the mortgage in full.The third is the term. This is the length of the contract that you will have with your current lender. the term is where people will chose a fixed or variable rate. These terms range from 6 months to 25 years. Most people do not take mortgage terms of more than 5 years as the savings far outweigh the cost of the higher rates. The typical rule is that the longer the term the higher the rate. 5 year fixed terms are the most talked about. Ajustable, or variable rate mortgages, are typically 1, 3 or 5 years.A mortgage broker would use the following to describe a mortgage: A closed 5 year fixed rate at ##% amortized over 30 years.This means that your rate is ##% your contract is for 5 years and the loan will be repaid over 30 years.