Word:

Variable-rate mortgage

(Finance) a mortgage whose percentage interest rate varies depending on some agreed standard, such as the prime rate; - used often in financing the purchase of a home. Such a mortgage usually has a lower initial interest rate than a fixed-rate mortgage, and this permits buyers of a home to finance the purchase a house of higher price than would be possible with a fixed-rate loan.

See also: Variable

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-- Variable-rate mortgage --
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