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Mortgage Loan Glossary

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Term

A mortgage loan 'term' is the length of time you can keep your mortgage loan before you have to renew or refinance it, or can pay it out (like pay off your mortgage loan completely).

Types of mortgage loans

'Types of mortgage loans' are the different kinds of mortgage loans offered by a mortgage loan brokerage. Each type of mortgage loan is usually named after it's own unique feature. For example, the type of mortgage loan with the feature of an 'adjustable rate' (a rate that goes up and down with the economy's prime rate) is named the 'adjustable rate mortgage loan.'