graduated payment mortgage (GPM)
- 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
- The couple opted for a graduated payment mortgage (GPM) to manage their initial lower income.
- With a graduated payment mortgage (GPM), she could handle smaller repayments early in her career.
- 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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