Current Mortgage Rates: Richmond, VA
2.750% (2.807% APR) 30yrs
2.250% (2.258% APR) 15yrs
as of 07/30/21
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Building on Trust™

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Term Main definition
Graduated payment mortgage (GPM)
A mortgage on which the payment rises by a constant percent for a specified number of periods, after which it levels out over the remaining term and amortizes fully. For example, the payment might increase by 7.5% every 12 months for 60 months, after which it is constant for the remaining term at a fully amortizing level.
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