Definition
Adjustable-Rate Mortgage
A loan whose rate is fixed for an initial period, then adjusts periodically against an index plus a margin, subject to caps.
Nearby terms
Abstract of Title
A condensed history of the ownership of a parcel of land, listing every recorded transfer, lien and encumbrance.
Acceleration Clause
A provision in the note allowing the lender to demand the entire balance immediately if you default.
Adjustment Period
How often an ARM rate resets after the initial fixed period.
Amortization
The schedule by which a loan is repaid to zero over its term using level payments, with the interest and principal split shifting each month.
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