Definitions for "Two-Step Mortgage"
Keywords:  premier, remainder, seven, super, five
An adjustable rate mortgage which has one interest rate for the first part of the mortgage (usually five or seven years), and a different interest rate for the remainder of the 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 fixed rate for a specified number of years (most often 5 or 7), and then receives a new interest rate based on the terms in the note.