Renegotiate Rate Mortgage (RRM)
Definition of "Renegotiate rate mortgage (RRM)"
Also called a rollover mortgage. Provides a borrower with a fixed-rate mortgage that expires at a preestablished time, such as in four years. This permits the lender and borrower to renegotiate the mortgage rate periodically. The balance of the mortgage comes due in a balloon payment, but can be refinanced at 'going' interest rate. This type of mortgage helps the lender avoid being the cost of money. Here, at intervals such as 3 to 5 years, the loan is renewed at the prevailing rate
Popular Real Estate Terms
(1) Wide boards, generally two inches thick, attached to flooring or roof of a structure. (2) Light gauged ribbed metal sheets used for supporting a roof or floor. ...
Not attached to any parcel of land but merely a personal right to use the land of another. ...
The term land use succession definition can be looked at from two perspectives. While the general way to define land use succession would be “changes that occur over time in the use ...
Managing property directly at its location. The management functions may include showing prospective tenants the facilities, collecting rents, and doing upkeep on the property. ...
Structure of prefabricated units. ...
A step's edge. ...
A person has the option of canceling a contract previously agreed to. ...
Expenditures incurred to improve a specific real estate development; however, these improvements are not directly on the property. Example are curbs, driveways, and streets. ...
See accommodation endorser, maker, or party. ...
Have a question or comment?
We're here to help.