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Phonetics: am·or·ti·za·tion term \ ˌa-mər-tə-'zā-shən\ \'tərm\
Definition 1: Thesaurus / Related Terms
The amount of time required to amortize a mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months. In some cases, with loan modifications, the loan amortization term can be lenghthened to assist the borrower in paying back their loan.