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