Robert McLister·General·November 19, 2008Mortgage Term In a mortgage, term is the length of time a lender agrees to lend its money. It is also the length of time for which the loan’s interest rate is “guaranteed.” Put another way, term is the length of one’s mortgage agreement. The term is usually shorter than the amortization period. At the end of the term the outstanding debt must either be refinanced at current market rates or paid off in full. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.