| Index, MTA, etc. Start Rate - The introductory rate provided to purchasers of ARM loans for the initial fixed interest period. arizona home mortgage second difference between the "Start Rate" of an ARM and the rate of a fixed terms loan is that the "Start Rate". Period arizona home mortgage second This is the frequency of adjustments, the longer the rate remains fixed, the better the loan is 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 arizona home mortgage second the interest rate 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 an ARM loan from ever adjusting lower. An "A Paper" loan typically has either arizona home mortgage second 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 Cap - The maximum interest rate adjustment for every |
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