The Real Estate Encyclopedia
What is a Loan Term?
Category - Mortgage Questions - Mortgage Loans FAQ's

The length of time that the mortgage loan will be in effect.

When shopping for a mortgage program that will fit your current and anticipated finances it is important to understand the number of years your loan will be active. Typically, mortgages with shorter terms carry higher monthly payments, while mortgages with longer terms spread payments out over the long life of the loan.

 
Category(s)
Home Buying Questions - General Home Buying FAQ's
Mortgage Questions - Mortgage Loans FAQ's
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