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Loan and Mortgage Terms Glossary

Amortization:

The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. Many home mortgages are fully amortized in 15, 20 or 30 years.


 
     
 
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