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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 ?
* Those who served in a women's component of the armed forces before June 12,1948, and are determined to be eligible for admission because of compelling personal circumstances.
For more information about the Armed Forces Retirement Home, phone (800) 422-9988 or visit
Specific observations regarding a person's attire may indicate that the individual is armed. These may include, but are not limited to, what individuals are wearing during warm versus cold or inclement weather conditions, as well as accessory items and unconventional weapons designed and manufactured for concealment that they may carry.
intelligence agencies frequently relied upon to hide the paper trail is Sarkis Soghanalian, whose 40-year career in the arms business began when he armed Christian militias in Lebanon at the request of the CIA and who subsequently supplied a variety of America's Third World friends.
military, see "Tax Planning for Armed Forces Personnel (Part I)," by Larry Garrison, in the December 1999 issue of The Tax Adviser.
The armed militias are the militant wing of the Patriot movement, which has perhaps five million followers in this country.
Recognizing that training simulations were a cost-effective means of training the armed forces, the creation of a simulation center became the target goal.
The Indonesian Armed Forces (TNI) now control many businesses and "foundations." Ostensibly, this was a way to augment Indonesia's tiny defense budget and improve soldiers' welfare, but coupled with rampant corruption, such involvement in the economy distorts economic incentives and impedes progress.
He grants that an armed train passenger might have stopped Colin Ferguson before he killed six people and wounded 19 on the Long Island Rail Road in 1993.
While each national government would be allowed to have armed "internal security" forces, they would operate under the authority of the UN's globe-spanning "Peace Force."
They described the militia movement as a reasonable extension of the philosophy of armed self-defense.