renegotiable-rate mortgage
[ ree-ni-goh-shee-uh-buh l-reyt, -shuh-buh l- ]
/ 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. Abbreviation: RRM
Nearby words
rendu-osler-weber syndrome, rendzina, renegade, renegado, renege, renegotiable-rate mortgage, renegotiate, renew, renewable, renewable energy, renewable resource
Also called rollover mortgage.
Dictionary.com Unabridged
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019