Real Estate Terms Glossary
What is a Growing-Equity Mortgage?
A growing-equity mortgage, also known as a growing-equity loan, is a type of mortgage where the interest rate remains fixed; however, monthly payments increase yearly in order to include a higher principal amount. This allows you to pay off your mortgage in almost half the conventional term. Note that the amount you pay monthly increases over time strictly in accordance with an agreed-upon payment schedule. This is why with a growing equity mortgage, you will be able to accumulate equity in your home much faster than normal.
Examples of Growing-Equity Mortgages
- Example 1: Rapid payoff mortgage
Here’s Investopedia’s definition of a Growing-Equity Mortgage (GEM).
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