A step-rate mortgage is a type of adjustable-rate mortgage (ARM) that has a fixed interest rate for a certain period of time, typically 3 to 10 years, after which the rate will adjust annually based on market conditions. The interest rate on a step-rate mortgage will increase or decrease in predetermined steps, rather than adjusting by a fixed percentage as with other types of ARMs. This type of mortgage can be beneficial for borrowers who expect their income to increase over time, as the interest rate will increase with their income.
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