Definition
A loan term is the length of time scheduled to repay the mortgage.
If you are comparing mortgage options, treat loan term as one piece of the total cost and risk picture, not a standalone detail.
Why It Matters
It matters because the term affects monthly payment, total interest, and payoff speed.
Simple Example
A 15-year loan often has a higher payment but lower total interest than a 30-year loan.
How to Use This Term
When you see loan term on a loan estimate, calculator result, or lender conversation, connect it to three practical questions: how it affects monthly payment, how it affects cash needed now, and how it affects flexibility later.