renegotiable-rate mortgage

American

[ree-ni-goh-shee-uh-buhl-rayt, -shuh-buhl-] / ˌri nɪˈgoʊ ʃi ə bəlˌreɪt, -ʃə bəl- /

noun

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. RRM

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Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023