The time over which the balance is amortized after the most recent advance. The payoff period is related to the actual outstanding balance at the time of each advance. The payoff period begins after the first advance and continues through the repayment period. Usually, the balance is less than the line of credit limit, so the payoff period is much shorter than the full term to maturity.
What is the loan payoff period? Print
Modified on: Thu, Nov 7, 2019 at 1:33 AM
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