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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 ?
I yanked back on the cyclic and pulled an armload of collective.
As many a book collector knows, few things can match capping off an afternoon of browsing at the mall finding an armload of volumes--glossy gift editions, last year's bestsellers or obscure-but-inviting titles--marked down to as little as $1 or $2.
Intrigued with her balancing act, I waited to see her emerge from the cleaners with what turned out to be a first armload of clean clothing on hangers draped over the toddler-free arm.
She and her mother packed up her nightie, insulin, syringes, alcohol swabs, strips to test blood glucose, diet instructions, and an armload of information on diabetes.
If being bright, loud and enthusiastic won awards, then documentary maker Julian Henriques's feature debut would be scooping them up by the armload. Unfortunately, gongs tend to go to films that exhibit well rounded characters, sustained plot, credible d ialogue and focused direction.
Imagine a throng of shoppers mobbing a sales clerk as he brings an armload of name-brand shoes marked down 70-80 percent off retail.
And under the kitchen light discovered that it was an armload of wood?
ConAgra's Healthy Choice franchise now includes a fistful - or rather an armload - of froze microwaveable sandwiches.
She always came to every class with an armload of books to give to students to read, review, and report upon.
One day in October I carried an armload of small tree limbs into the recreation area where I had twelve or so old men who were my charges.
Yamashita's black-humored probe of the environmental destruction caused by grandiose economic development schemes in the Third World--a subject usually approached with either great piety, an armload of statistics, or both--makes us laugh and cry.