Loan Term

Term is the duration of a loan - the length of time for which the loan is given. With most home mortgages, the loan payments will result in the balance being completely paid off by the end of the term. Other loans are structured in such a way that there is a remaining balance that must be paid off at the end of the term. This is called a balloon payment.

The most common term for home mortgages is 30 years.

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