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alternative mortgage instrument (AMI)

alternative mortgage instrument (AMI) definition - business

alternative mortgage instrument (AMI)

A loan with real property as collateral that differs in one or more ways from a standard mortgage that has a fixed interest rate, a level premium, and a fixed term at the end of which the loan is fully repaid. Mortgages with a variable interest rate and interest-only loans are classified as alternative mortgage instruments.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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