Skip to main content

">Term

« Back to Glossary Index

Term refers to length of the mortgage contract. It is the amount of time (generally measured in years) that the conditions of the loan remain in effect. At the end of the term, the mortgage balance either needs to be repaid in full, renewed for another term, or refinanced.

Term and amortization are often confused, but are not the same.

« Back to Glossary Index

compare button