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Residental Finance Glossary Definition (English)
Variable payment plan Defined
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"Any mortgage repayment schedule that provides for periodic change in the amount of monthly payments. Changes may occur as a result of the expiration of an interest only period (flexible payment mortgage), a planned step-up in payments (graduated payment mortgage), or a change in the interest rate due to fluctuation in an index (variable or adjustable rate mortgage)."
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Expert Dictionary: Variable payment plan
Dictionary: Variable payment plan
