rate improvement mortgage

rate improvement mortgage

A fixed-rate mortgage with one opportunity, at a time of the borrower's choosing but in the early years of a loan, to reduce the rate to market interest at that time.The loan will then continue at the new interest rate,which cannot be changed again.

References in periodicals archive ?
NYSE: GPT) today announced that GreenPoint Mortgage has introduced the Rate Improvement Mortgage (RIM) which allows borrowers, at their option, to reduce the rate on their fixed rate mortgage to a current market rate.
The Rate Improvement Mortgage is a boon to the consumer," said Thomas S.
Our new Rate Improvement Mortgage is the perfect way to accomplish both objectives.