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renegotiable rate mortgage

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re⋅ne⋅go⋅ti⋅a⋅ble-rate mort⋅gage

[ree-ni-goh-shee-uh-buhl-reyt, -shuh-buhl-]
–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 Dictionary, © Random House, Inc. 2009.
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