renegotiable-rate mortgage

[ree-ni-goh-shee-uh-buh l-reyt, -shuh-buh l-]

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. Abbreviation: RRM

Also called rollover mortgage.

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018