The amount of time you need to completely pay off a mortgage
The amortization term on a 30-year fixed or a 30-year adjustable rate mortgage is 30 years. Similarly, for a 15-year fixed rate mortgage, the amortization term is 15 years. Balloon mortgages are amortized over 30 years, but are usually due in full in 5 to 7 years.
See: Balloon mortgage
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label Amortization term. Show all posts
Showing posts with label Amortization term. Show all posts
Friday, April 14, 2006
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