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ARM 7-1
ARM 7-1 A 7-1 ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for seven years, and thereafter has an adjustment interval of one year.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Interest
Money paid to a lender as compensation for money that is borrowed.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Adjustment
Decrease or increase in the sales price of a comparable property to account for a feature that the property has or does not have in comparison with the subject property.
SIMILAR TERMS--------------------------------------
ARM 3-1
A 3-1 ARM is an adjustable-rate mortgage, or ARM, that has an initial interest rate for the first three years, and thereafter adjusts each year.
ARM 5-1
A 5-1 ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for five years, and thereafter has an adjustment interval of one year.
ARM 7-1 (interest only)
A 7-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first seven years.
PREVIOUS AND NEXT TERMS--------------------------------------
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ARM 3-1
A 3-1 ARM is an adjustable-rate mortgage, or ARM, that has an initial interest rate for the first three years, and thereafter adjusts each year.
ARM 5-1
A 5-1 ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for five years, and thereafter has an adjustment interval of one year.
ARM 7-1
ARM 7-1 (interest only)
A 7-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first seven years.
A, b, c, d paper
Mortage loans are rated as A, B, C, or D paper. "A" paper loans are the highest quality, lowest risk loans; "B" quality are loans where the borrower has minor credit problems; "C" quality are borrowers with marginal or poor credit; "D" quality indicates very high risk loans.
Abandonment
The voluntary relinquishment of rights of ownership or another form of interest (an easement) by failure to use the property over an extended period of time.
Abatement
1) A reduction or decrease. 2) The removal of a nuisance.
Above building standard
Upgraded finishes and specialized designs necessary to accommodate a tenant's requirements.
This dictionary contains 6433 terms. |
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