Every mortgage has a start date and an end date. The end date is referred to the maturity date. The duration between the end date and start date is the term of your mortgage. You can choose terms of just 6 months, 1, 2, 3, 4, 5, 7, 10 or even a 25-year term. At the end of the term you can either pay off your mortgage or accept the lender’s invitation to renew it for another term period of your choice.