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2017 Word of the Year

growing-equity mortgage

[groh-ing-ek-wi-tee] /ˈgroʊ ɪŋˈɛk wɪ ti/
noun
1.
a type of mortgage under which the interest rate is fixed but monthly payments increase annually to include more of the principal, so that the mortgage can be paid off in about half the conventional term.
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Based on the Random House Dictionary, © Random House, Inc. 2017.
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