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
Power of attorney giving permission for a lawyer to represent a client. ...
A lessee (tenant) subleases the apartment to a third party .The tenant is now sandwiched between the lessor and the sublessee. In other words, the tenant is acting as a lessee to the ...
The Loan-to-value ratio (LTV) is a calculation that measures how much you need to pay for a mortgage (loan) concerning how much the asset is worth. The loan-to-value ratio in real ...
Modification in the amount of money involved for some justifiable reason. ...
(1) Provided by a commercial or savings bank to the real estate company itself or to another party for documentation purposes. Such a letter may be needed by a prospective condominium owner ...
A simple box-shaped house with clapboard siding and a gable roof. ...
Across the globe, countries have comprehensive antitrust laws that protect customers and ensure the orderly conduct of businesses. Through antitrust laws, the playing field is balanced for ...
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. ...
Roof having less than a 10 degree slant. ...
Have a question or comment?
We're here to help.