What is a growing-equity mortgage?
The Bankrate.com financial term of the day is: "Growing-Equity Mortgage"
Think you've found your dream home but don't want to be stuck paying a mortgage for 30 years? A growing-equity mortgage is a fixed-rate home loan that gradually increases the size of your monthly payment so that you pay off your mortgage more quickly and save on interest.
A growing-equity mortgage boosts the size of your mortgage payment over time, allowing you to gain equity over a shorter time frame.
To compare home loans, visit the Mortgages section at Bankrate.com.
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Sales of new single-family homes are up more than 5% from June 2015 and more than 25% from July 2014, according to new data from the federal government.
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