The mortgage term is the period during which your mortgage
loan and interest rate it specifies are in effect.
For example, the amortization period for your mortgage might be 25 years, while the term might be three years. At the end of the three years, you must renew your mortgage for another term.
The end of the term is an opportunity for you to renegotiate your interest rate and conditions or pay your balance in full.
Talk to your mortgage advisor, who will help you choose the best option.