A Flexible Payment Mortgage (FPM) allows borrowers to choose among several monthly payment options including lower interest-only and minimum payments, providing greater flexibility and control over mortgage expenses.
A flexible-payment mortgage is a financing option that allows borrowers to make varying monthly payments but ensures that the total repayments are sufficient to amortize the loan over its term.
A Variable-Payment Plan is a mortgage repayment schedule that allows for periodic changes in monthly payments. These changes can result from the expiration of an interest-only period, a planned step-up in payments, or fluctuations in an interest rate index.
