A graduated payment mortgage (GPM) is a fixed-rate loan that has lower payments in the early stages or years of the term of the loan.
This loan provides for specified payment increases each year until a maximum loan payment amount is reached.
At this point, the payment remains the same for the rest of the term.
Is this loan just for low income buyers who expect to make more money in the future?
What kind of properties are eligible?
Have you used this type of loan for your clients ?
What are some pros and cons?
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