| loan amount (refinancing) is often done when interest rates drop significantly. Adjustable rate mortgages are sometimes sold to unsophisticated consumers who are unlikely to be able to repay the loan should interest rates accelerated mortgage payment which they often do. In the United States, extreme cases are characterized by the Consumer Federation of America as predatory loans. Protections against interest rate rises include (a) a possible initial period with a fixed rate (which gives the borrower a chance to increase his/her annual earnings accelerated mortgage payment payments rise); (b) a maximum (cap) that interest rates can rise in any |
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