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In this lesson, we’ll learn about the three main types of loans: fixed-rate, adjustable-rate, and interest-only. Fixed-rate Mortgages. A fixed-rate mortgage is the most basic type of mortgage loan.
Definition. A mortgage loan in which the interest rate adjusts periodically based upon the movements of a pre-determined index or reference rate.. Home Equity Line of Credit is an open-ended adjustable rate mortgage loan that is secured by real estate and is subject to a maximum draw. Consumer Handbook On Adjustable-Rate Mortgages.
DEFINITION of Adjustable-Rate Mortgage – ARM’. An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. Normally, the initial interest rate is fixed for a period of time, after which it resets periodically, often every year or even monthly.
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Define adjustable-rate mortgage. adjustable-rate mortgage synonyms, adjustable-rate mortgage pronunciation, adjustable-rate mortgage translation, English dictionary definition of adjustable-rate mortgage.
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Adjustable Rate Mortgages Defined An ARM, short for "adjustable rate mortgage", is a mortgage on which the interest rate is not fixed for the entire life of the loan. The rate is fixed for a period at the beginning, called the "initial rate period", but after that it may change based on movements in an interest rate index.
An adjustable rate mortgage is a loan that bases its interest rate on an index. The index is typically the Libor rate, the fed funds rate, or the one-year Treasury bill. An ARM is also known as an adjustable rate loan, variable rate mortgage, or variable rate loan. Each lender decides how many points it will add to the index rate.
Definition of adjustable rate mortgage. One type of mortgage loan available is the adjustable rate mortgage or ARM for short. An ARM is nothing like a fixed rate mortgage where you have a specific rate throughout the term of the mortgage. With an ARM, the rate can change periodically and can result in higher payments.
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