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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.