graduated payment mortgage

graduated payment mortgage definition - business

graduated payment mortgage

A mortgage with monthly payments that start low and gradually increase over time. These loans allow individuals to more easily qualify for a mortgage on the assumption that their incomes will increase over time to enable them to meet the later higher required monthly payments.

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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