renegotiable-rate mortgage

[ ree-ni-goh-shee-uh-buhl-reyt, -shuh-buhl- ]

  1. a type of home mortgage for which monthly payments stay constant for a term, usually of three to five years, and the interest rate is renegotiated at the end of every such term until the loan is paid off. Abbreviation: RRM

  • Also called rollover mortgage.

Words Nearby renegotiable-rate mortgage Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2024