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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 ?
The decision to swap so many players made picking up that momentum difficult and Villa, with teenage midfielder Jordan Lyden making his full debut, were largely kept at arm's length by Wycombe until late on.
BALA TOWN 0 BALA Town failed to gatecrash the Saints' title party as they found themselves kept at arm's length by the newly crowned champions at Park Hall.
Brighton were mainly kept at arm's length, but David Lopez's 25-yard volley was a reminder to the Reebok that the points still had to be won.
And another former Braga star was in sparkling form as Mario Felgueiras pulled off a string of saves to ensure his former employers were kept at arm's length.
Up against determined opponents who refused to give an inch, Cardiff were effectively kept at arm's length.
It is not to be destroyed by a nationalist agenda but at the same time should be kept at arm's length, as far away from political gerrymandering as possible, where we know the price but not the value.
The Robins were kept at arm's length for most of the second period.
Leading by 0-8 to 0-4 after a first half in which the visitors were always kept at arm's length, Cork ensured that they would be advancing to a meeting with Limerick in the quarter-finals next week with 10 points in a row at the start of the second half.
And as in The Vision, anything visually bold or conceptually definitive is kept at arm's length. To what end this evanescence is directed itself likewise remains, I think purposely, beyond reach.
The DTP leader, whose party has in the past been kept at arm's length by other parties in parliament, expressed his support for the reform process.
He is a creepy young man whose activities are horrifying, yet we are kept at arm's length.
Twin tortures kept at arm's length by the illusion of a caring wife still by his side.