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Rollover Mortgage
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A rollover mortgage, also called a renegotiable rate mortgage, is a mortgage where the unpaid balance is refinanced every few years at the current rate, whatever that rate may be. Up until the renegotiation point, the interest rate on the rollover mortgage is fixed. Typically, the initial fixed rate of a rollover mortgage is lower than that of a comparable fixed rate mortgage. Once the fixed period is up on the rollover mortgage, the interest rate may be refinanced by the lender. This means that if interest rates are rising, a borrower won't like the rollover mortgage as much as the lender will. Conversely, if interest rates are falling, a borrower could end up saving money with a rollover mortgage.
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