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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 ?
'In fact, we are sure that he will welcome it with open arms.
UP-AND-COMING jockey Ian Mongan, successful at the track yesterday, can do punters another favour by landing division two of the Littlewoods Bet Direct On 0800 329393 Handicap (5.15) with Open Arms.
Hurtful signs and painful comments are overcome by Tricia Ann as she makes her way to one of the only places in the city that welcomes her with open arms: the public library.
Jones said, "We've found a very ready and able wotkforce and an enthusiastic community that has welcomed us with open arms." The job creation is expected to create a $10 million annual investment in the Dickenson County economy.
Americans welcomed these distinguished men and women with open arms; and Central Europe's finest minds returned the favor by lending their talents to movie studios, publishing houses, and Ivy League universities, while pledging their loyalty to the American way.
The Cuban people are anxious for a change to capitalism, and will welcome Cubans from Florida with open arms and parades.
The sports world welcomed these non-steroids with open arms (sore shoulders, aching knees, and pain in the neck).
Unfazed - or perhaps encouraged - by the mysterious appearance of shady characters with access to the Chinese government and millions of dollars, Clinton has opted to welcome "President" Jiang with open arms. An official state visit, the first head-to-head summit since 1985, the rolling of the red carpet - all for the regime that Candidate Clinton trashed President Bush for insufficiently isolating in the wake of Tiananmen Square.
Brewer, vice president of the Los Angeles Police Commission and a retired LAPD assistant police chief, Williams "has been received with open arms by the public, the mayor and the city council.
Summary: Washington DC, [USA] Aug 06 (ANI): Patrick Stewart, who is all set to return to the 'Star Trek' world, was welcomed back by the team with open arms.
As Ireland prepare to face Scotland today, O'Brien said: "He's a quality player with huge power and strength, so if he does get back he would be welcomed with open arms."
She teamed up with Open Arms Malawi, who take in orphaned and abandoned children, after being touched by their work during a visit two years ago.