GRADUATION PERIOD
\ɡɹˌadjuːˈe͡ɪʃən pˈi͡əɹɪəd], \ɡɹˌadjuːˈeɪʃən pˈiəɹɪəd], \ɡ_ɹ_ˌa_d_j_uː_ˈeɪ_ʃ_ə_n p_ˈiə_ɹ_ɪ__ə_d]\
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Documented time schedule for graduated mortgage payments to increase by set percentage. This time schedule is usually annually. Typically this is a fixed rate mortgage, not an adjustable rate mortgage. In this way, the borrower knows what the new payments amount will be by schedule.
By Henry Campbell Black
Word of the day
Snake's-head
- Guinea-hen flower; -- so called in England because its spotted petals resemble the scales of a snake's head.