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Simple English definitions for legal terms

renegotiable-rate mortgage

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A quick definition of renegotiable-rate mortgage:

A renegotiable-rate mortgage is a type of loan that is used to buy a house. The interest rate on the loan can change every few years based on what is happening in the economy. This means that the amount of money you have to pay back each month could go up or down. The loan is called "renegotiable" because you and the lender will need to agree on the new interest rate every time it changes.

A more thorough explanation:

A renegotiable-rate mortgage is a type of mortgage where the interest rate is adjusted periodically based on market conditions. This type of mortgage requires the mortgagee to renegotiate its terms every three to five years. It is also known as a flexible-rate mortgage or a rollover mortgage.

For example, if a borrower takes out a renegotiable-rate mortgage with an initial interest rate of 4%, the interest rate may be adjusted to 5% or 3% after three to five years, depending on market conditions. This means that the borrower's monthly payments may increase or decrease based on the new interest rate.

Renegotiable-rate mortgages are beneficial for borrowers who expect interest rates to decrease in the future. However, they can also be risky for borrowers who cannot afford higher monthly payments if interest rates increase.

renege | renegotiation

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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