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Graduated payment mortgage

• Is a mortgage which frequently has relatively low payments in its early life. These relatively low payments are often insufficient to amortize the principal. Therefore with the passage of time the payment schedule is stepped-up to paydown the early negative amortization, service the interest requirement, and paydown the total principal balance.

 
 

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 Embedded terms in definition
 Amortization
Amortize
Interest
Its
Mortgage
Negative amortization
Paydown
Principal
Time
 
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