Terms with Tag Mortgage Rates

  • Adjustable-Rate Mortgage (ARM) Bank,
    • 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.
    A type of variable rate mortgage product.
  • Falling Interest Rate Adjustable Rate Mortgage (FIREARM)Bank,
    • Fixed Rate Mortgage (FRM) Acronym, Very Important,
      • A loan in which the interest rate and payments remain the same for the entire life of the loan. The interest rate and payment amounts are set at the time of loan origination.
    • Fully Indexed Accrual Rate (FIAR)Acronym, Important,
        In relation to adjustable rate mortgage (ARMs).
      • Fully Indexed Rate (FIR)Acronym,
          A term used in adjustable rate mortgage (ARMs).
        • Rate of Interest (ROI)Acronym,
          • A percentage charged on a loan or paid on an investment for the use of the money.
          Same as interest rate.
        • Variable Rate Mortgage (VRM) Acronym, Very Important,
          • Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
          A type of mortgage loan offered by brokers and lenders.
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