4888 Babcock St NE, Palm Bay, FL 32905 | (321) 726-6414

Growing Equity Mortgage (Rapid Payoff Mortgage)

A fixed-rate, fixed-schedule loan that starts with the same payments as a level payment loan; the payments rise annually, with the entire increase being used to reduce the outstanding balance. No negative amortization occurs, and the increase in payment may enable the borrower to pay off a 30-year loan in 15 to 20 years, or less.