Payment Change Date
Legal definition for Indian law research
Definition
payment change date
the date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.
Source: U.S. Department of Housing and Urban Development
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.