What is a Graduated Payment Mortgage?
A GPM is a mortgage that provides reduced payments in the early years by carrying over some of the interest into later years. Compared to a fixed rate mortgage, the GPMs first five years will have lower payments and the last twenty five years will be higher payments. Its a mortgage for people who expect their income to grow substantially in the future.
Related Questions
- The rental amount the tenant/buyer is paying me matches my mortgage payment, taxes, homeowners insurance, and/or homeowners/condo fee. Should I just have them pay it directly?
- For further assistance, please call Online Banking customer service at 1.800.933.6262. Where can I pay my mortgage by check or make a coupon payment?
- How much is a Florida Custom Homes home and the monthly mortgage payment?
