loan term

Definition

The time, usually expressed in years, that a lender sets in which a buyer must pay a mortgage.

Use loan term in a sentence

The loan term was for a period of 15 years at an interest rate of 8% on Bob's home mortgage.

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You need to make sure that you understand all of the important factors when you are about to sign a loan term.

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The loan term was set and the individual agreed to the 15 year mortgage because he wanted to pay less interest.

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