Definition of Alternative Mortgage
- When a home loan is not a standard fixed-rate mortgage, it is considered an alternative mortgage.
Related Terms and Acronyms
- Mortgage Rate — Definition, Very Important,
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
- The interest rate on a mortgage loan.
- Conventional Mortgage — Definition, Important,
- A mortgage that is not insured or guaranteed by CMHC or GE Capital.
- Variable Rate Mortgage (VRM) — Acronym, Very Important,
➥ A type of mortgage loan offered by brokers and lenders.
- Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
- Fixed Rate Mortgage (FRM) — Acronym, Very Important,
- 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 (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.