renegotiable-rate mortgage

American

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

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