Graduated payment mortgage GPM
Definition
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it levels out over the remaining term and amortizes fully. For example, the payment might increase by 7 >> 5% every 12 months for 60 months, after which it is constant for the remaining term at a fully amortizing level. See What is a Graduated Payment Mortgage (GPM)?
Related Terms Other terms related to 'Graduated payment mortgage GPM' starting with the letter 'G' Guaranteed Mortgage Price Agreement, Government National Mortgage Association GNMA, Grace period, Good fairy syndrome, Gift of equity Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 