This is the maximum limit the interest rate may change over the life of an ARM loan.
The maximum interest rate that the borrower will be charged regardless of how high the index plus the margin goes.
the maximum limit that has been set, per the note, for the interest rate to reach during the life of the loan.
Determines the total amount that your adjustable mortgage interest rate and monthly payment can fluctuate during the duration of the loan. Different from the Periodic Cap, which limits the extent to which your interest rate can fluctuate during a predetermined adjustment period.
The limit on the amount that a loan rate can change during the term of an adjustable rate mortgage.
A limit on how far the interest rate can move for an Adjustable Rate Mortgage.
With regard to an adjustable rate mortgage, a ceiling the note rate cannot exceed over the life of the loan.
The maximum that an Adjustable Rate Mortgage may increase over the life of the loan. (See also Adjustable Rate Mortgage, and Cap.)
The maximum interest rate chargeable under an adjustable or variable rate mortgage over its life.
For an adjustable-rate mortgage (ARM), a life cap is the limit on the amount that the enterest rate can rise or drop over the duration of the loan.
Limit on the amount that a loan rate can change during the term of the mortgage. A mortgage whose interest initially begins at 6 % and has a life cap of 7% cannot go over the amount of 13%.
The total amount that your adjustable-rate mortgage interest rate and monthly payment can fluctuate up or down during the duration of the loan is determined by the life cap. The life cap is different from the periodic cap that limits the extent to which your interest rate can change up or down in any one adjustment period.
The maximum interest rate the ARM may have during its life. The life cap is identified in the mortgage note.
Over the duration of the loan, this limit dictates how much the percentage rate can vary.
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.
For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage. See cap.
A limit on the amount that a loan rate can move during the term of the mortgage. For example, the rate on an adjustable-rate mortgage that begins at 5 percent and has a lifetime cap of 6 percentage points cannot rise above 11 percent, even if rates on fixed-rate mortgages soar to 20 percent.
The limit that determines the maximum amount your adjustable-rate mortgage interest rate and monthly payment can fluctuate up or down during the duration of the loan. The life cap is different from the periodic cap that limits the extent to which your interest rate can change up or down in anyone adjustment period.
Limits the amount that a loan rate can change during the mortgage term. For example, if the rate on an adjustable-rate mortgage begins at 5 percent and has a life cap of 6 percentage points, it can't go over 11 percent.
A limit on how much a borrowerâ€(tm)s percentage rate can increase or decrease over the term of the loan.