In Canada the maximum amortization period for a 5 year fixed mortgage is 35 years. Some banks only have the 25 and 30 years amortization for 5 years fixed mortgage.

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My mortgage rep told me that the amortization period you choose is not set in stone, and that at any time during the term you can decrease or increase the amortization period (which of course would impact your monthly payments). i was aware that you could pay off mortgages faster by doubling up payments and making lump sum payments, etc. but i didn't think the amortization period was as flexible as she described it. she said it didn't matter which amortization period i chose, that i could change it in the middle of the term and she would simply recalculate the payments. she added that by law you have 35 years to pay back a mortgage in canada and that the amortization period and the deadline for load repayment were two different things. can anyone comment on this?

The rules in Canada may be different than the US. If you take out a mortgage, the Principal, interest and time to pay off the note and the monthly payments are set in concrete. You have to arrange a refinance to change any of the terms. The time to pay off the loan is the MAXIMUM time allowed to pay off the note. In the US, you can pay additional monies on your mortgage. The additional money is directly applied to the principal. That will save you interest and eventually cause an early pay off on the loan effectively shortening the time of pay off. That's the only flexibility available.