| for the borrower. Typically, the shorter this is the lower the rate, since there are more opportunities to adjust upwards. Floor - A clause that sets the minimum rate for the interest first jersey mortgage of an ARM loan. Most loans come with a Start Rate = Floor feature, but this is primarily for Non-Conforming (aka Sub-Prime or Program Lending) loan products. This prevents first jersey mortgage ARM loan from ever adjusting lower. An "A Paper" loan typically has either no Floor or 2% below start. Initial Change Cap - ARM loans have a specified maximum first adjustment that is typically higher than allowed on subsequent changes. Periodic Change first jersey mortgage - The | ![]() |
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