long-term mortgage Definition

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long-term mortgage

Definition

Mortgage which lasts for 40 or more years. These can be considerably more expensive than shorter mortgages because of the greater risks involved in lending for a longer period of time and because of the additional interest which compounds over such a long period of time.

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'long-term mortgage' appears in the definitions of these other terms on BusinessDictionary.com:

renegotiable rate mortgage, sale and buyback

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