The promise of getting a longer loan term is illusory.

The borrower would then pay this new increased amount monthly for the rest of the 25-year loan term.

Lenders routinely use them to determine rates, fees and other loan terms.

But the deal will work only if enough creditors, in Mexico's case 90% of them, agree to new - that is, worse - loan terms.

Below you'll find definitions of loan terms that may not be familiar to you.

Interest rates vary, as do many other loan terms.

"The problem is that the loan terms, rate and period are not compatible with the needs of most of our housing activities," she continued.

A credit union or a bank may offer better loan terms than a dealer.

Because the loan term is only for a few weeks, fees often amount to a 100 percent or even 200 percent annual interest rate.

The law authorizes loan terms up to a maximum of 30 years.