Term
Definition
The period used to calculate the monthly mortgage payment. The term is usually but not always the same as the maturity. On a 7-year balloon loan, for example, the maturity is 7 years but the term in most cases is 30 years. For articles on the subject, see Mortgage Term.
Related Terms Other terms related to 'Term' starting with the letter 'T' Tangible Net Benefit, Temporary buydown, Temporary lender, Title insurance, Teaser rate Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 