term mortgage definition

term mortgage

Short-term (usually for five years or less) standing mortgage in which (unlike in a term loan) the loan is not amortized over a fixed period but only interest is paid over the term of the loan. When the loan term ends (mortgage matures) the principle becomes payable as a lump sum called balloon payment.

term mortgage is in the Banking, Commerce & Finance subject.

term mortgage appears in these other term: long term mortgage

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