Tag Archives: mortgage term

Long-Term and Short-Term Mortgages

Any mortgage loan that is taken for the duration more than 30 years is considered to be a long-term mortgage. Conversely any mortgage that has a term for less than 30 years is considered to be a short-term mortgage. A few years back 30 year mortgages were the most common kind of mortgages that could […]

What is Principal, Interest, Term and Amortization

While these factors are basic to a mortgage loan, it is equally true that the principal amount, interest rate, term and modernization is common to all kind of loans. It does not matter what you are buying from the money that you borrow, these terms will apply and will hold you in good stead if […]

What Is The Most Common Term For A Home Loan

The commonest mortgage term periods in the US are a 15 year mortgage or a 30 year mortgage. Regardless, of what duration you choose, you usually always have the option of paying off the home loan faster by making extra payment, lump sum payments or prepaying the loan. There are two parties involved in deciding […]