lifetime cap(redirected from Life Time Caps)
The maximum interest rate on an adjustable rate loan that may be charged over the total repayment period. For example, a loan may be made at 5% with a 7% lifetime cap, meaning the interest rate cannot rise above 7%.
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See life-of-loan cap.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.