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What is a Term?
Whether it's in regards to a mortgage, a mortgage refinance, a second mortgage (either a home equity loan or a home equity line of credit) or a debt consolidation loan, all have three components: principal (the original loan amount), interest, and term.Term refers to the amount of time before the loan is fully paid. Most often, this concept is of most interest to borrowers that are shopping for new mortgages, specifically, the more common 15-year mortgage loans and 30-year mortgage loans.
These phrases are usually intertwined with the type of loan and interest plan that further defines them...for example, fixed-rate mortgages and adjustable-rate mortgages.
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