ARM

(redirected from armfuls)
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 ?
Police raided Stewart's gunshop in Portglenone in Co Antrim on Tuesday and were still carrying armfuls of firearms out of the premises yesterday.
At times like this, we are often shopping in bulk and have armfuls of stuff ready to slip under the bed until it's time to wrap them.
Police are hunting thieves who grabbed armfuls of perfume from a city pharmacy.
They were caught by Customs officers as they staggered along a treacherous clifftop path at night with armfuls of cocaine.
The duo got away with armfuls of top- of-the-range clubs, including Taylor Made RC100 and Callaway ERC clubs.
One of them reached in and took armfuls of jewellery, before they made their escape.
Outside Hart on Thursday afternoon, the thickly padded football players had begun warm-ups and lugged onto the practice field armfuls of equipment that Fiscus had issued them moments earlier, a ritual he had performed thousands of times.
Coogan has been playing the doting dad to Claire Louise, turning up with armfuls of presents and even staying overnight with Anna Cole, who dumped him after his fling with Katrina.
Find a little room to grow them and you will be rewarded with glorious garden colour and armfuls of fragrant blooms for the house.
Meanwhile, England's perennial failure David Beckham will arrive with his armfuls of pointless tattoos instead of the World Cup in fresh hands.
Super-talented star Tina Fey, who plays Mrs Norbury, also wrote the script, before going on to win armfuls of awards for her series 30 Rock.
Now, when I come back laden with armfuls of bags, I will refrain from the old excuses - it was slashed by pounds 100, there's a stain on the back, or I do NOT have one exactly like it.