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re•ne•go'ti•a•ble-rate mort'gage



Pronunciation: (rē"ni-gō'shē-u-bul-rāt", -shu-bul-), [key]
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. Abbr.: RRM Also called rollover mortgage.

Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.

renegerenegotiate

 

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