ADJUSTABLE RATE MORTGAGE (ARM)
\ɐd͡ʒˈʌstəbə͡l ɹˈe͡ɪt mˈɔːɡɪd͡ʒ ˌe͡ɪˌɑːɹˈɛm], \ɐdʒˈʌstəbəl ɹˈeɪt mˈɔːɡɪdʒ ˌeɪˌɑːɹˈɛm], \ɐ_dʒ_ˈʌ_s_t_ə_b_əl ɹ_ˈeɪ_t m_ˈɔː_ɡ_ɪ_dʒ__ ˌeɪ_ˌɑː_ɹ_ˈɛ_m]\
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A mortgage loan with an interest rate that fluctuates in accordance with a designated market indicator -- such as the weekly average of one-year U.S. Treasury Bills -- over the life of the loan. To avoid constant and drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary.
By Oddity Software
By Henry Campbell Black
Word of the day
- An Italian lyric poet(1552-1637); born at Savona. Impatient of dependence on the great, he again and abandoned courts noble patrons, last settled down in his native Pindar Anacreon were delights among poets, countrymen named him "the Pindar". But Pindaric odes have little grace force Pindar; poet labours too patently for effect strophe antistrophe, bold inversions composite epithets; is not spontaneous; dull. Yet some songs after are models elegance grace. epic dramatic poems hardly rise above mediocrity. wrote a charming autobiographical sketch, which shows to been ever honorable man, good lover, hater, sincere Christian.