ARM

(redirected from armful)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

ARM

ARM

GOST 7.67 Latin three-letter geocode for Armenia. The code is used for transactions to and from Armenian bank accounts and for international shipping to Armenia. As with all GOST 7.67 codes, it is used primarily in Cyrillic alphabets.

Adjustable rate mortgage (ARM).

An adjustable rate mortgage is a long-term loan you use to finance a real estate purchase, typically a home.

Unlike a fixed-rate mortgage, where the interest rate remains the same for the term of the loan, the interest rate on an ARM is adjusted, or changed, during its term.

The initial rate on an ARM is usually lower than the rate on a fixed-rate mortgage for the same term, which means it may be easier to qualify for an ARM. You take the risk, however, that interest rates may rise, increasing the cost of your mortgage. Of course, it's also possible that the rates may drop, decreasing your payments.

The rate adjustments, which are based on changes in one of the publicly reported indexes that reflect market rates, occur at preset times, usually once a year but sometimes less often. Typically, rate changes on ARMs are capped both annually and over the term of the loan, which helps protect you in the case of a rapid or sustained increase in market rates.

However, certain ARMs allow negative amortization, which means additional interest could accumulate on the outstanding balance if market rates rise higher than the cap. That interest would be due when the loan matured or if you want to prepay.

ARM

See adjustable-rate mortgage.

ARM

See Adjustable Rate Mortgage.

References in periodicals archive ?
Her long blond hair hanging from under her cowboy hat, Nicole ended the fair with an armful of plaques, ribbons and an amazing five belt buckles for her prize livestock, including her champion breeding heifer.
The centre back paid a surprise visit to Claire House, taking with him an armful of Easter eggs.
4--Ran in Valley Edition only) Boy Scout Josh Newborn, 13, carries an armful of flags while decorating graves at the cemetery.
The three sixth formers from King Henry VIII School had already amassed an armful of awards for their debating this year when they won through to the National Final of the Schools' Public Speaking competition in Leeds.
The older dogs retreated immediately, but Goffa scooped up an armful of fluffy brown puppies and slipped the whimpering litter into an animal control truck.
Manager Brian McEniff is hoping to persuade the Red Hand legend, who already has an armful of Railway Cup medals, to give it one last hurrah now that his club Errigal Ciaran are out of the Tyrone championship.
T-shirts, solid-color pants and shorts, sweat shirts and short-sleeved polo shirts, many emblazoned with each school's mascot logo, sold by the armful at Santa Clarita School Uniforms.
TV BABE Cat Deeley carries off a suave suburban look as she struggles home with an armful of plants.
His beanstalk may have reached as high as the giant's cloud-top lair, but could he make his neighbors run inside and close the blinds when he started up their driveway with yet another armful of vegetables from his garden?
For Porchia May, a hospice volunteer with the Visiting Nurse Association of Los Angeles, comforting the dying is an uplifting experience that has given her an armful of cherished friends.
A starring role in Closer alongside Natalie Portman and Julia Roberts has won him plaudits by the armful, a Golden Globe award and a BAFTA nomination.