RENEGOTIABLE-RATE MORTGAGE


Meaning of RENEGOTIABLE-RATE MORTGAGE in English

/ree'ni goh"shee euh beuhl rayt', -sheuh beuhl-/

a type of home mortgage for which monthly payments stay constant for a term, usually of three to five years, and the interest rate is renegotiated at the end of every such term until the loan is paid off. Abbr.: RRM Also called rollover mortgage .

Random House Webster's Unabridged English dictionary.      Полный английский словарь Вебстер - Random House .