Adjustable Rate Mortgage Definition

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An adjustable rate mortgage is a loan that bases its interest rate on an index. The index is typically the Libor rate, the fed funds rate, or the one-year treasury bill. An ARM is also known as an adjustable rate loan, variable rate mortgage, or variable rate loan. Each lender decides how many points it will add to the index rate.

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adjustable-rate mortgage, n. A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.

Adjustable Rate Mortgage (ARM) A mortgage with an interest rate that can change during the term of the loan. The timing and calculation of adjustments (also called resets) are determined by the loan program, and these details are disclosed in the mortgage documents.

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along with a “down payment,” and “probationary installments” of $2,300 per month-rising thereafter by the amount of any increase in the seller’s adjustable rate mortgage-for 60 months. The down.

Adjustable-rate mortgage definition. An adjustable rate mortgage is a home loan with an interest rate that can change over time. In most cases, an adjustable rate mortgage will have a low fixed.

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Adjustable rate mortgage (ARM). An adjustable rate mortgage is a long-term loan you use to finance a real estate purchase, typically a home. Unlike a fixed-rate mortgage, where the interest rate remains the same for the term of the loan, the interest rate on an ARM is adjusted, or changed, during its term.

An adjustable-rate mortgage (arm) is a loan with an interest rate that changes. ARMs may start with lower monthly payments than xed-rate mortgages, but keep in mind the following: Your monthly payments could change. They could go up – sometimes by a lot-even if interest rates don’t go up. See page 20.