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Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
62% - Often
62% - Often
Roll Over Mortgage
|Synonyms:||renegotiable rate mortgage, roll over loan|
|Filed Under:||financial-banking, mortgages|
Definition of roll over mortgage
- roll over mortgage
- 1. Mortgage loan where the interest rate is established for a specific term. At the end of this term, the mortgage is said to "roll-over" and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
Related Terms and Acronyms:
adjustable-rate mortgage (ARM)
A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.
➥ A type of variable rate mortgage product.
- fixed rate mortgage (FRM) A loan in which the interest rate and payments remain the same for the entire life of the loan. The interest rate and payment amounts are set at the time of loan origination.
- mortgage renewal A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
- roll in loans A refinancing loan that rolls any closing costs or fees into the loan. These programs best serve people who have a reasonable amount of home equity, want to reduce their overall interest expense, and plan to stay in their homes.
variable rate mortgage (VRM)
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
➥ A type of mortgage loan offered by brokers and lenders.
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