A mortgage term is the period during which your contract is in effect at a specific rate and payment.
A term normally ranges from a few months to 10 years. At the
end of your term, you must renew
your mortgage for the next one until the mortgage is paid
off.
Your renewal is an opportunity to renegotiate your rate, your loan
terms, or even to pay off the full loan.
What is the difference between a term and amortization?
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