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Adjustable-rate mortgage |
Also found in: Dictionary/thesaurus | 0.03 sec. |
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Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or margin, over the index, usually subject to per-interval and to life-of-loan interest rate and/or payment rate caps. |
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? Mentioned in | ? References in periodicals archive | |
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An adjustable-rate mortgage generally has a fixed-interest rate for
a set number of years at the beginning, then the rate fluctuates. Group
I, which totals $233,876,071 as of the cut-off date, consists of
fixed-rate and adjustable-rate mortgage loans secured by first and
second liens on mortgaged properties that have original balances that
conform to the guidelines of Fannie Mae and Freddie Mac. Group I
Mortgage Loans consists of fixed-rate and adjustable-rate mortgage loans
with a cut-off principal balance of $337,754,208 that conforms to Fannie
Mae and Freddie Mac loan limits. |
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Adjustable-rate mortgage