Mortgage Term Definition

Term: Mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.

Definitions of Common Mortgage Terms One of the most important, and confusing, decisions that people make is buying a home and taking out a Mortgage to pay for the house. There are many factors that come into play for people looking to buy a house.

The mortgage term is the length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically proven to be lower than long-term mortgage rates.

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These loan programs are designed for borrowers who have a hard time. approvals on mortgages that exceeded their ability to repay the balance according to the terms. Some mortgage brokers pushed.

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mortgage term: The amount of time in which the borrower must repay the mortgage loan. This is generally 15 or 30 years, depending on the loan.

Mortgage Dictionary. Payment Shock – a sudden, large increase in the monthly mortgage payment as a result of an adjustable-rate mortgage or through a refinance with new financing terms. piggyback mortgage – a second mortgage that closes simultaneously with the first mortgage to reduce the total necessary down payment.

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By Amy Fontinelle. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front.

Browse and search thousands of Mortgage Abbreviations and acronyms in our comprehensive reference resource.

The flat amount is calculated so that the whole of the loan has been repaid by the end of the mortgage term. Interest-only mortgage – where the payments to the lender cover interest only. No capital is repaid, so that the full amount of the loan is still outstanding at the end of the mortgage term.