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Key Highlights
The Benefits
Flexible Loan Terms
Choose a repayment term that fits your goals.
Personalized Payments
Balance monthly payments and long-term savings.
Faster Payoff Options
Reduce your repayment timeline if desired.
What's Required
Eligible Loan Program
Available with select mortgage programs.
Mortgage Qualification
Income, credit, and property requirements apply.
Lender Availability
Available terms vary by lender.
The Ins & Outs
How it Works
A Flex Term mortgage allows eligible borrowers to choose from a variety of loan repayment terms instead of being limited to traditional 15- or 30-year mortgages. Depending on the lender and loan program, you may have access to repayment terms ranging from approximately 8 to 30 years.
Whether your goal is a lower monthly payment, paying off your home sooner, or finding the right balance between the two, a Flex Term mortgage gives you greater control over your financing.
Example Scenario
A homeowner wants to pay off their mortgage before retirement but doesn't want the higher monthly payment of a traditional 15-year loan. A Flex Term mortgage allows them to choose a repayment period that better fits their budget and long-term financial goals.
What is a Flex Term mortgage?
A Flex Term mortgage allows eligible borrowers to choose from a variety of repayment terms instead of being limited to traditional mortgage lengths.
What loan terms are available?
Available repayment terms vary by lender and loan program but may range from approximately 8 to 30 years.
Does a shorter loan term save money?
In many cases, shorter repayment terms may reduce the total interest paid over the life of the loan, though monthly payments are typically higher.
Can I choose a longer loan term?
Yes. Depending on the lender and loan program, longer repayment terms may be available to help reduce monthly mortgage payments.
Is Flex Term available with every mortgage?
No. Flex Term options depend on the lender, loan program, and borrower qualifications.
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