renegotiable-rate mortgage: Meaning and Definition of

re•ne•go'ti•a•ble-rate mort'gage

Pronunciation: (rē"ni-gō'shē-u-bul-rāt", -shu-bul-), [key]

a type of home mortgage for which monthly payments stay constant for a term, usually of three to five years, and the interest rate is renegotiated at the end of every such term until the loan is paid off. Abbr.: RRM&hasp; Also called