Seven Important Things to Know about Mortgages Type and Term: Most common are Closed Mortgages ranging from 6 months to 5 years; a few lenders have terms up to 15 years. Typically, 6-month and 1-year mortgages can be “Open” or “Convertible”. A true open mortgage can be paid in full at any time without penalty, while with a true convertible mortgage this privilege may have no penalty. Commitment Period: This period protects the interest rate in times of... [read more]