ADJUSTABLE RATE MORTGAGE (ARM)
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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
- a general name for beers made from wheat by top fermentation; usually very pale cloudy and effervescent