What is a 7/23 Mortgage? - Definition

What is a 7/23 Mortgage? - Definition
A 7/23 Mortgage is an Adjustable Rate mortgage where for the first seven years the rate (payment) is fixed. After the fixed period is over, there is a one time adjustment to a previously

established rate. This is generally a bank product, and is not to be confused with a 2/28, or 3/27.