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renegotiable-rate mortgage

[ree-ni-goh-shee-uh-buh l-reyt, -shuh-buh l-] /ˌri nɪˈgoʊ ʃi ə bəlˌreɪt, -ʃə bəl-/
noun
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.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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