Jun 22 , 2016

Tampa School of Real Estate

Term Mortgage

Definition:   a nonamortizing loan that normally calls for repayment of the principal in full at the end of the loan term

Pronunciation:    \ˈtərm\ \ˈmȯr-gij\

Used in a Sentence:    Our term mortgage required the entire loan be paid off at the end of the 30 year term.