Definitions for "Two Step Mortgage"
Mortgage where the interest rate stays the same for a stated period, then changes typically after 5 or 7 years.
a mortgage in which the borrower receives a below market interest rate for a specified number of years ( most often 7-10 ) and then receives a new interest rate adjusted ( with in certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of 7-10 years. Also called Super Seven or Premier Mortgage
A form of Adjustable Rate Mortgage with a one-time rate adjustment at the end of either five of seven years. The rate then remains constant for the remaining term.[] Go to: | | | | | | | | | | | | | | | | | | | | | X | Y