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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Amortization Term

Phonetics: am·or·ti·za·tion term    \ ˌa-mər-tə-'zā-shən\    \'tərm\

Function: noun

Definition 1:
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.