Freeze Warning expires at 8:00 AM on 9/19, issued at 4:13 AM Adirondack, NY | Athol, NY | Bakers Mills, NY | Blue Mountain Lake, NY

Graduated payment mortgages

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 3/27/2003 4:09 pm
A graduated payment mortgage is a mortgage whose payments increase each year for a number of years and then level off. The early payments on the loan are lower even than the amount of interest that is due. Later payments are based on an increasing loan balance and are therefore larger. The objective of a graduated payment mortgage is to help borrowers qualify for loans by basing repayment schedules on salary expectations. With this type of mortgage, the interest rate and maturity is fixed, but the monthly payment varies. Created by the U.S. Department of Housing and Urban Development, it was designed to fit different buyer's particular needs and will likely appeal to first time home buyers. For more information on graduated-payment mortgages, contact a real estate professional.

©2006 Crossroads Mobile. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.