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What is a Two-Step Mortgage?

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27th Feb 2011 by admint

A two step mortgage is a type of mortgage where in for a period of 5 or 7 years, the interest rate is fixed. After this predetermined period, the rate is adjusted according to the current market rate. At the predetermined date, the borrower may opt to have a fixed interest rate again for the remaining period or choose to have a variable interest rate.

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16th May 2010 In Mortgage 1 Answers | 54 Views
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