Term

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Term: Your Mortgage Term Is The Number Of Years You’ll Pay On Your Loan Before You Fully Own Your Home. For Example, You May Take Out A Mortgage Loan With A 15-year Term And That Means That You’ll Make Monthly Payments On Your Loan For 15 Years Before The Loan Matures. The Most Common Mortgage Terms Are 15 Years And 30 Years, But Some Lenders Offer Terms As Short As 8 Years.

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