Definition: The term "mortgage" generally refers to a type of loan that involves financing a home or other property with an amount of money borrowed by the borrower, typically for the purchase of a mortgage. The purpose of this type of loan is often to provide financial security and support in the event of a loss of employment or income due to circumstances beyond the borrower's control. The term "mortgage terms" refers to the specific conditions that apply to a particular mortgage loan. These can vary widely depending on the lender, the loan amount, the duration of the loan, and other factors. However, there are generally three main types of mortgage terms: 1. Adjustable-rate mortgage (ARM): This type of mortgage allows borrowers to choose between two interest rates at different points in time. The interest rate is then adjusted periodically based on changes in market conditions. 2. Fixed-rate mortgage: This type of mortgage has a fixed interest rate that does not change throughout the life of the loan, except for any prepayment penalties or other events that may affect the rate. 3. ARM and fixed-rate mortgages may also include certain clauses such as the right to提前还款、部分或全部提前偿还贷款本金、利率调整条款等。 It's important to note that while "mortgage" is a broad term used to describe this type of loan, it often refers specifically to the specific terms and conditions that apply to that particular mortgage product.
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