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| Home | Ask Your Question | Mortgage Glossary | ||
Caps (Payment)Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change per year and/or the life of the loan. See also: ARM Mortgage |
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Related Mortgage Definitions: Adjustable Rate Mortgage, ARM Adjustable Rate Mortgage (ARM) Also known as a variable rate mortgage. The interest rate on these mortgages changes periodically. Variable or adjustable loans are loans whose interest rate fluctuates over the period of the ... more... Margin Margin The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate. Margin is constant throughout the life of the loan. INDEX + MARGIN = FULLY INDEXED RATE Example using the 1 Year Treasury: 1 Year Treasury Index = ... more... Caps, Payment Caps (Payment) Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change per year and/or the life of the loan. See also: ARM Mortgage ... more... Caps, Interest Rate Caps (Interest Rate) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage may change per year and/or the life of the loan. See also: ARM Mortgage ... more... |
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