Indiana Code 28-15-11-5. “Graduated payment mortgage loan”
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Sec. 5. As used in this chapter, “graduated payment mortgage loan” or “GPM loan” means a mortgage loan under which:
(2) the period of the rise, the rate of increase, and the interest rate are fixed in the loan documents.
(1) the scheduled repayments begin at a level lower than that of a comparable standard mortgage loan and rise to a point determined by the loan documents; and
Terms Used In Indiana Code 28-15-11-5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- loan documents: means the documents evidencing a loan transaction. See Indiana Code 28-15-11-6
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- mortgage loan: means :
Indiana Code 28-15-11-8
As added by P.L.193-1997, SEC.2.