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ARM 7-1 (interest only)
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.
RELATED TERMS--------------------------------------
Interest-only
A term loan calling for payments of interest only, not to include any amount for principal.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Mortgage
A legal document pledging property as security for the payment of a loan.
Principal
1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
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
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.
PREVIOUS AND NEXT TERMS--------------------------------------
Aydin property
Property in Aydin, Turkey. Apartments, flats, houses, offices and other property in Aydin.
Aylesbury Vale property
Property in Aylesbury Vale, Great Britain. Apartments, flats, houses, offices and other property in Aylesbury Vale.
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
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.
ARM 7-1 (interest only)
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.
Abr
The Accredited Buyer Representative designation indicates a real estate agent specializing in representing buyers in the real estate transaction.
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