Graduated payments mortgage (GPM),
Definition of Graduated payments mortgage (GPM):
Loan arrangement in which (1) installment payments start at a relatively small amount, (2) gradually increase at a pre-arranged rate, and then (3) level off after reaching a certain amount. GPM facility is usually extended to young people starting on a career that promises higher income in the near future. Also called graduated payment loan.
Meaning of Graduated payments mortgage (GPM) & Graduated payments mortgage (GPM) Definition
