A graduated payment mortgage is a loan where the payment increases each year for a predetermined amount of time (such as 5 or 10 years), then becomes fixed for the remaining duration of the loan.
When interest rates are high, borrowers can use a graduated payment mortgage to increase their chances of qualifying for the loan because the initial payment is less. The downside of opting for an smaller initial payment is that the interest owed increases and the payment shortfall from the initial years of the loan is then added on to the loan, potentially leading to a situation called "negative amortization." Negative amortization occurs when the loan payment for any period is less than the interest charged over that period, resulting in an increase in the outstanding balance of the loan.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Reginald R. Cole NMLS 381001
Company NMLS: 1359704
Dallas Branch NMLS:1759045
Equal Housing Opportunity
Dallas Branch NMLS 1759045
2911 Turtle Creek Blvd #300
Dallas, Texas 75219
Corp NMLS 1359704
1 NESHAMINY INTERPLEX DRIVE STE 310
TREVOSE, PA 19006
Direct: Toll Free:
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