Once you're settled on the type of mortgage that fits your financial circumstance you are ready to start considering the various options available. Amortization refers to the number of years it will take to repay the loan in full. As of January 2008 the longest amortization period for mortgages in Canada with less than 20% down payment was 35 years. You can get a 40 year amortization but only for a conventional mortgage of 80% of value or less.
Longer amortization periods result in lower payments, but increase the total amount of interest paid. If you can handle a shorter amortization period, you'll achieve tremendous savings on the interest cost of your mortgage and live mortgage free sooner!

Example $150,000 mortgage at 6% interest.