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
Money raised by a syndicate promoter and placed into a fund prior to selecting the specific property in which funds will be invested. ...
Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
Bottom of a frame such as a window sill. ...
(1) Short-term loan that is made in anticipation of permanent longer term loans. The interest rate on such a loan is usually higher than on longer term loans. (2) A business loan in which ...
Roof design having two different pitches. See also gambrel roof. ...
Legal boundary of property. ...
Capital appreciation financial goals set by a company or an individual over an extended period of time. Long-term capital goals establish a method for achieving the capital goal outcome ...
Low level of land positioned between mountains or hills. ...
Have a question or comment?
We're here to help.