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has either no Floor or 2% below start. Initial Change Cap - ARM loans have a specified maximum first adjustment that is typically consolidate debt than allowed on subsequent changes. Periodic Change Cap - The maximum interest rate adjustment for every subsequent periodic adjustment. Life Cap (Ceiling) - The maximum upwards adjustment of an ARM loan. Typically on first mortgages no more consolidate debt 6% Crucial Information About Caps Loan caps provide payment protection against payment shock. Most First Mortgage loans have a 5% or 6% Life Cap. Higher risk products, such as Monthly Adjustable loans with Negative amortization and Home Equity Lines of Credit aka HELOC have different ways of structuring the Cap than a typical First Lien Mortgage. First Lien Caps with no Negative amortization consolidate debt First Mortgage loans have a 5% or 6% Life Cap. If the adjustment period is 6 months or 1 year ( the two most common periods on the market), then it takes anywhere from 2-4 maxiumum upward adjustments to reach this cap Negative consolidate debt ARM caps See the complete article for the type of ARM that NegAM loans are by nature. Most of them are Monthly Adjustable ARMs and the life cap or ceiling is simply expressed as a consolidate debt rate, usually 9.95% or 10.95% these days. Beware though, some of these loans have 14-16% ceilings, you have to ask . . . . The fully indexed rate is always listed on the statement, but consolidate debt are shielded from the full effect of rate increases by the minimum payment, until the loan is recast Home Equity Lines of Credit HELOC Since HELOCs are intended by banks to primarily sit in second lien position, they normally are only capped by the maximum interest rate allowed by law in the state they are issued in! In Florida, for example, this is 18% ! Wow! Sadly, most people do not consolidate debt the time to learn about their ARM product, and some people even take these loans