Rates aren't everything: Don't forget to consider term when it comes your mortgage

OTTAWA — You shopped around for the best deal on your mortgage and weighed the pros and cons of going with a fixed-rate or a variable-rate loan, but another key factor to consider is the term.

A majority of borrowers opt for a five-year mortgage — about 54 per cent according to Mortgage Professionals Canada — but experts say homebuyers need to consider how long they want to commit to when it comes to their loan.

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