amortization term The full time needed to amortize the borrowed funds mortgage. The fresh amortization identity try expressed given that enough weeks. Such, for a thirty-12 months repaired-speed home loan, the fresh new amortization title is actually 360 months.
annual percentage rate (APR) The cost of home financing mentioned just like the a yearly rates; has such as for example factors just like the notice, financial insurance rates, and you will loan origination fee (points). Continue reading »