Definitions for "Adjustable-rate mortgage"
Keywords:  preselected, vrm, fluctuate, amls, cap
A type of mortgage where the interest rate varies based on a particular index, normally the prime lending rate.
With this type of a mortgage, the lender can adjust its interest rate periodically based on changes in a specified index.
A mortgage whose interest rate changes periodically based on the changes in a specified index. 3/1, 5/1, 7/1 and 10/1 are ARMs in which rate is fixed for three-year, five-year, seven-year and 10-year periods, respectively, but may adjust annually after that.
Keywords:  abstract, title
Abstract of title