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Glossary of Terms > T > Term

Term

Simply stated, the period used to calculate monthly mortgage payments. The term is usually but not always the same as the maturity. On a 7-year balloon mortgage loan, for example, the maturity is 7 years, but the term (in most cases, at least) is 30 years.

T Terms

Teaser Rate

Temporary Buydown

Term

Timeshare

Title

Title Insurance

Total Expense Ratio

Total Interest Payments

Transfer of Ownership

Treasury Index

Truth-In-Lending

Two-Step Mortgage