Definitions for "Payment Adjustment Period"
The time during which payments on an adjustable-rate mortgage (ARM) may go up or down.
The time period where payments on an adjustable-rate mortgage (ARM) may fluctuate.
The length of time, on an Adjustable Rate Mortgage (ARM) before the member's rate/payment will be reviewed and adjusted according to the market. For example: the first adjustment period for a 5/1 ARM is after five years. All subsequent adjustments are made every year thereafter.