Adjustable Rate Mortgage - Law Dictionary Search Results
adjustable-rate mortgage (arm)
Matched in: Term adjustable-rate mortgage (arm)
adjustable rate mortgage
Matched in: Term adjustable rate mortgage
arm
arm Adjustable Rate Mortgage; a mortgage loan subject to changes in interest rates; when rates change, ARM monthly payments increase or decrease
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mortgage
Matched in: Term mortgage
two step mortgage
Matched in: Term two step mortgage
points
$95,000, one point means you pay $950 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points
cap
cap a limit, such as one placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease, either at each adjustment period
payment change date
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
rate cap
Matched in: Term rate cap
convertible arm
convertible arm an adjustable-rate mortgage that provides the borrower the ability to convert to a fixed-rate within a specified time. Source: U.S.
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