graduated payment mortgage (GPM)

Definition of "graduated payment mortgage (GPM)"
  1. A loan with fixed interest where initial payments are lower, gradually increase over time, and then remain consistent enough to repay the loan during the remaining time period
How to use "graduated payment mortgage (GPM)" in a sentence
  1. The couple opted for a graduated payment mortgage (GPM) to manage their initial lower income.
  2. With a graduated payment mortgage (GPM), she could handle smaller repayments early in her career.
  3. Due to the rising payment structure, a graduated payment mortgage (GPM) can be a risky option if future income isn't guaranteed.
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