Definitions for "Term Mortgage"
A mortgage in which, for a specified period of time, only interest is paid after which the principal is due.
A non-amortizing mortgage under which the principal is paid in its entirety upon the maturity date.
usually a short-term, fixed-rate loan which involves small payments for a determined period of time and one large payment for the remaining amount of the principal at a time specified in the contract. Sometimes referred to as a balloon payment mortgage.