Long-Term Mortgage Law & Legal Definition
"Term" refers to the time for which money (a secured loan) is required and the period over which the loan repayment is scheduled. The definition of a long-term mortgage varies, but is generally a mortgage which lasts for 25 or more years. Long-term mortgages 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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