growing-equity mortgage
[ groh-ing-ek-wi-tee ]
noun
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.
Words Nearby growing-equity mortgage
- grow bag
- growed
- grower
- growing
- growing degree-day
- growing-equity mortgage
- growing pains
- growing point
- grow into
- growl
- growler
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
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