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.

Use long-term mortgage in a sentence

You should try to make sure that you shop around and get the best rate before you take on any long-term mortgage.

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I did not want a long-term mortgage because I knew how long it would last and I did not want to pay for something for my entire life.

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The young couple were excited and scared to sign a long-term mortgage on their dream house with the money they were given on their wedding day.

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long-term loan long-term security