Definitions for "Discount Mortgage"
A discount offered by mortgage lenders to new borrowers, reducing monthly mortgage costs often for the first two or three years of the loan period. Once the specified period ends the discounted rate usually reverts to the prevailing variable interest rate.
One type of initial special offer, where payments are variable, but they are set at less than that lender's usual rate for a specified period of time. Once the special offer period finishes you would normally be moved to the Lenders SVR (standard varible rate).
a north Carolina mortgage broker specializing in deep discounted mortgage rates for those with excellent credit