The most basic type of mortgage has a fixed - rate - in other words, the borrower pays one interest rate for the entire length of the mortgage. (wealthlift.com)
And if you do this you could knock five years or more off the total length of your mortgage — and save thousands of dollars. (moneysense.ca)
Ideally, you'll want to make sure you have the coverage for the full length of the mortgage. (rootfin.com)