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What is the difference between the mortgage term and the amortization period?
Posted : 28/04/2024 3:39 pm
The difference between a mortgage term and an amortization period is as follows
A mortgage term is the length of time a mortgage contract is in effect, usually between 6 months and 10 years. It can be as short as one year, but five-year terms are most popular.
An amortization period, on the other hand, is the length of time it takes to pay off a mortgage. The standard length is 25 years, but it can be shorter or longer depending on the type of mortgage and the lender.
Posted : 30/04/2024 5:10 pm