Warning: include_once(/home/coolinve/public_html/conf/db_config.php) [function.include-once]: failed to open stream: No such file or directory in /home/bgwebdiz/public_html/coolinvesting/dictionary/index.htm on line 28
Warning: include_once() [function.include]: Failed opening '/home/coolinve/public_html/conf/db_config.php' for inclusion (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/bgwebdiz/public_html/coolinvesting/dictionary/index.htm on line 28
Warning: include_once(/home/coolinve/public_html/conf/db_select.php) [function.include-once]: failed to open stream: No such file or directory in /home/bgwebdiz/public_html/coolinvesting/dictionary/index.htm on line 30
Warning: include_once() [function.include]: Failed opening '/home/coolinve/public_html/conf/db_select.php' for inclusion (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/bgwebdiz/public_html/coolinvesting/dictionary/index.htm on line 30
Rate-Improvement Mortgage
Rate-Improvement Mortgage is a fixed rate mortgage provision that gives the one-time option to the borrower to reduce the interest rate on the mortgage without refinancing, but only once and early in the mortgage.
Rate-Improvement Mortgage will usually have higher costs or higher initial interest rate, but when option is exercised, the borrower will actually save some money by lowering interest rates and avoiding refinancing costs.
Rate-Improvement Mortgage is usually exercised when interest rates fall below initial mortgage rate.
| Related Terms: |