graduated payment mortgage

graduated payment mortgage
graduated payment mortgage ( GPM)
A mortgage in which the monthly payment of principal and interest begins at a low amount and progressively increases to a predetermined higher amount. Thereafter, the amount of the monthly payment remains constant for the remaining life of the loan. The interest rate is fixed for the entire period. American Banker Glossary

Financial and business terms. 2012.

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  • graduated payment mortgage — /ˌgrædʒueɪtɪd ˌpeɪmənt mɔ:gɪdʒ/ noun a mortgage where the monthly payments gradually rise over the lifetime of the mortgage. Abbreviation GPM …   Dictionary of banking and finance

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  • graduated payment mortgages — (GPM) See mortgage …   Black's law dictionary

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