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Graduated payment mortgage loan
A graduated payment mortgage loan, often referred to as GPM, is a mortgage with low initial monthly payments which gradually increase over a specified time frame. These plans are mostly geared towards young people who cannot afford large payments now, but can realistically expect to raise their incomes in the future. For instance a medical student who is just about to finish medical school might not have the financial capability to pay for a mortgage loan, but once he graduates, it is more than probable that he will be earning a high income. It is a form of negative amortization loan.
==Mechanism==
GPMs are presently only readily available in the United States for mortgages insured by the Federal Housing Administration.〔() Selling Guide Announcement SEL-2013-06 - Fannie Mae Aug 20, 2013〕 Over a period of time, typically 5 to 15 years, the monthly FHA mortgage payments increase every year according to a predetermined percentage. For instance, a borrower may have a 30-year graduated payment mortgage with monthly payments that increase by 7% every year for five years. At the end of five years, the increases stop. The borrower would then pay this new increased amount monthly for the rest of the 25-year loan term.〔("What is a Graduated Payment Mortgage? " ), nextag.com〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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