What is the term in a mortgage?

In a mortgage, the “term” is the amount of time over which you pay back the loan. It's important to realize that in a mortgage loan, the term is the maximum amount of time you have to pay back the loan; if you choose to, you can pay back the loan before the term ends. In a fixed-rate mortgage, the most common terms are 15 and 30 years.

If you are having a difficult time making your monthly mortgage payments and would like to restructure your loan, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., by calling 443-546-4608.

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