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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


See adjustable-rate mortgage.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.


See Adjustable Rate Mortgage.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Armen's nails are chipped, bitten down, but Sarkis can still see the residue of black marker the boy uses to color them in when on the couch, legs crossed, scribbling letters on his nails.
Color is the biggest factor in rug choice, according to Armen Proudian.
Armen is certainly no stranger to the Western Economic Association.
HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani sent Wednesday a cable of congratulations to HE Armen Sarkissian on the occasion of his election as President of Armenia.
"Armen Mazmanyan greatly contributed to the development of Armenia's theatrical art with his innovative approaches.
When asked about new features, Jason Derbyshire, Business Development Manager for Armen Computing says, "Visitors will find enhanced video media including tutorials and webinars to play on-demand.
Dr Armen - who was brought in earlier this year to oversee a massive restructuring operation - said the Abelcet sale marked the first large asset to be disposed of under Elan's recovery plan, which, when put together with other sales, would mean the strategy was approximately one- third complete.
Right now, we are going to hear the thoughts of five prominent individuals as they speak about Armen's influence as a teacher, researcher, coauthor and colleague.
"Serzh Sargsyan has offered Armen Sarkissian to put forward his candidacy for the president of Armenia," said the report.