variable maturity mortgage

variable maturity mortgage

A mortgage loan with a variable interest rate but a fixed monthly payment.As interest rates increase or decrease,less or more of the payment each month will be used to pay the principal rather than interest.As a result,the maturity of the note will change over time.

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