Two-Step Mortgage

Mortgage in which you receive a below-market interest rate for a specified number of years (most often seven or 10 years), and then receive a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan, due within 30 days notice, at the end of seven or 10 years. It is also referred to as a Super Seven or Premier mortgage.

Two-Step Mortgage

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