http://www.notapennydown.com When you bought your Vancouver home, you probably signed a mortgage agreement that will remain in effect for a certain period of time, called the term. When your mortgage term comes to an end, you will have to either pay off your mortgage or renew it for another term. This is a good opportunity to reassess what you need in a mortgage and re-evaluate your options such as an open or closed term and your prepayment options.