|
General Information
Glossary of Common Real Estate Terms
Adjustable Rate Mortgage (ARM): A mortgage
where the rate changes over time in line with movements in an index. ARMs
are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable
rate mortgages).
Adjustment Period: The length of time between interest
rate changes on an ARM. For example, a loan with an adjustment period of
one year is called a one-year ARM, which means that the interest rate can
change once a year.
More...
|
