Repaying a Mortgage

The process of repaying a morgage is usually quite a long-term
affair, often taking several decades, but its terms are
tentatively decided from the time that the initial agreement is
signed.

Of course, most morgages do
offer some flexibility. Morgage
rates do gradually change over time, and rates that might
seem fair at one time could be utterly ridiculous a decade later.

This is why the whole concept of morgage
refinancing came about. This makes it possible for debitors
to get new morgage quotes, and establish new terms every few
years, if they so desire.