Any mortgage other than a fixed-interest-rate, level-payment amortizing loan. AMIs provide unique approaches to mortgage lending, often accommodating borrowers with non-traditional income streams or financial situations.
A type of mortgage loan commonly used in Canada, where the amortization term for principal repayment extends over a long period, but the interest rate is set for a much shorter term. The interest rate is renegotiated, or the loan 'rolls over,' at the end of this shorter term based on current market conditions.
