mortgage

What is a growing-equity mortgage?

 

 

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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