Paying off a mortgage is like a long road trip.
The amortization is the whole trip: how long until your home is all paid off. It's often 25 to 30 years1.
The term is one part of the trip. During a term, your interest rate and rules stay the same. Most terms are 5 years or less1.
At the end of each term you renew: you pick a rate for the next part of the trip. You can stay with your bank or move to another one.
If you put down less than 20%, the whole trip can be at most 25 years. First-time buyers and buyers of brand-new homes can go up to 30 years2.