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- Loan Term - |
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Put simply, the loan term is the length of time over which a loan is paid off if the original loan agreement is stuck to (i.e. if early settlement is not requested or bad management does not make the length of time longer). To make things simple, loan terms are measured in months as opposed to years, and the length of the term has a very important effect on the total price of the loan and the amount paid monthly. Short loan terms mean large monthly payments but less to pay in total. Long loan terms mean small monthly payments but a greater total cost. This is because interest is paid on the outstanding balance, and taking smaller monthly bites out of the loan will mean more interest will be added each month.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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