721:, offer long-term fixed rate loans. They are legally separate from banks and require borrowers to save up a considerable amount, at a rather low fixed interest rate, before they get their loan; this is done by requiring the future borrower to begin paying in his fixed monthly payments well before actually getting the loan. It is generally not possible to pay this in as a lump sum and get the loan right away; it has to be done in monthly installments of the same size as what will be paid during the payback phase of the mortgage. Depending on whether there are enough savers in the system at any given time, payout of a loan may be delayed for some time even when the savings quota has already been met by the would-be borrower. The advantage for the borrower is that the monthly payment is guaranteed never to be increased, and the lifetime of the loan is also fixed in advance. The disadvantage is that this model, in which you have to start making payments several years before actually getting the loan, is mostly aimed at once-in-a-lifetime home buyers who are able to plan ahead for a long time. That has become a problem with the generally higher mobility that is demanded of workers nowadays.
414:
enables borrowers to qualify for a much larger loan (i.e., take on more debt) than would otherwise be possible. When evaluating an Option ARM, prudent borrowers will not focus on the teaser rate or initial payment level, but will consider the characteristics of the index, the size of the "mortgage margin" that is added to the index value, and the other terms of the ARM. Specifically, they need to consider the possibilities that (1) long-term interest rates go up; (2) their home may not appreciate or may even lose value or even (3) that both risks may materialize.
894:. 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 before payments rise); (b) a maximum (cap) that interest rates can rise in any year (if there is a cap, it must be specified in the loan document); and (c) a maximum (cap) that interest rates can rise over the life of the mortgage (this also must be specified in the loan document).
2430:
2456:
77:(LIBOR). A few lenders use their own cost of funds as an index, rather than using other indices. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate (alternatively, the term of the loan may change). This is distinct from the
369:", which are relatively short initial fixed-rate periods (typically, one month to one year) when the ARM bears an interest rate that is substantially below the "fully indexed" rate. The teaser period may induce some borrowers to view an ARM as more of a bargain than it really represents. A low teaser rate predisposes an ARM to sustain above-average payment increases.
2443:
326:, for example 2/2/5 for a loan with a 2% cap on the initial adjustment, a 2% cap on subsequent adjustments, and a 5% cap on total interest rate adjustments. When only two values are given, this indicates that the initial change cap and periodic cap are the same. For example, a 2/2/5 cap structure may sometimes be written simply 2/5.
223:. This means the mortgage balance is increasing. This occurs whenever the monthly mortgage payments are not large enough to pay all the interest due on the mortgage. This may be caused when the payment cap contained in the ARM is low enough such that the principal plus interest payment is greater than the payment cap.
199:. Most lenders tie ARM interest rates changes to changes in an index rate. Lenders base ARM rates on a variety of indices, the most common being rates on one-, three-, or five-year Treasury securities. Another common index is the national or regional average cost of funds to savings and loan associations.
597:
This is the maximum amount by which an
Adjustable Rate Mortgage may increase on each successive adjustment. Similar to the initial cap, this cap is usually 1% above the Start Rate for loans with an initial fixed term of three years or greater and usually 2% above the Start Rate for loans that have an
590:
The majority of loans have a higher cap for initial adjustments that's indexed to the initial fixed period. In other words, the longer the initial fixed term, the more the bank would like to potentially adjust your loan. Typically, this cap is 2–3% above the Start Rate on a loan with an initial fixed
429:
hits the maximum limit on negative amortization (typically 110% to 125% of the original loan amount). If that happens, the next minimum monthly payment will be at a level that would fully amortize the ARM over its remaining term. In addition, Option ARMs typically have automatic "recast" dates (often
409:
When a borrower makes a Pay-Option ARM payment that is less than the accruing interest, there is "negative amortization", which means that the unpaid portion of the accruing interest is added to the outstanding principal balance. For example, if the borrower makes a minimum payment of $ 1,000 and the
956:
mortgage, or be lowered without limit. The new rule was made in response to a decrease in new housing starts and purchases by buyers hesitant about a long-term commitment to the high interest rates at the time, and was a concept similar to the "rollover mortgage" that were already in use in Canada.
955:
to offer the renegotiable-rate mortgage (RRM) to mortgagors for home purchases, the first variable rate mortgage in the United States. Under the regulations, the interest rate could be changed every three years, and could rise no more than 5 percentage points over the original APR life of a 30-year
612:
Inside the business caps are expressed most often by simply the three numbers involved that signify each cap. For example, a 5/1 Hybrid ARM may have a cap structure of 5/2/5 (5% initial cap, 2% adjustment cap and 5% lifetime cap) and insiders would call this a 5-2-5 cap. Alternatively, a 1-year ARM
550:
A clause that sets the minimum rate for the interest rate of an ARM loan. Loans may 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 than the Start Rate. An "A Paper"
499:
The price of the ARM is calculated by adding Index + Margin = Fully
Indexed Rate. This is the interest rate your loan would be at without a Start Rate (the introductory special rate for the initial fixed period). This means the loan would be higher if adjusting, typically, 1–3% higher than the fixed
433:
For example, a $ 200,000 ARM with a 110% "neg am" cap will typically adjust to a fully amortizing payment, based on the current fully indexed interest rate and the remaining term of the loan, if negative amortization causes the loan balance to exceed $ 220,000. For a 125% recast, this will happen if
382:
A hybrid ARM features an interest rate that is fixed for an initial period of time, then floats thereafter. The "hybrid" refers to the ARM's blend of fixed-rate and adjustable-rate characteristics. Hybrid ARMs are referred to by their initial fixed-rate and adjustable-rate periods, for example, 3/1,
856:
Adjustable rate mortgages, like other types of mortgage, usually allow the borrower to prepay principal (or capital) early without penalty. Early payments of part of the principal will reduce the total cost of the loan (total interest paid), but will not shorten the amount of time needed to pay off
490:
Hybrid ARMs are often referred to in this format, where X is the number of years during which the initial interest rate applies prior to first adjustment (common terms are 3, 5, 7, and 10 years), and Y is the interval between adjustments (common terms are 1 for one year and 6 for six months). As an
163:
To apply an index on a rate plus margin basis means that the interest rate will equal the underlying index plus a margin. The margin is specified in the note and remains fixed over the life of the loan. For example, a mortgage interest rate may be specified in the note as being LIBOR plus 2%, with
108:
In contrast to fixed-rate mortgages, adjustable-rate mortgages are unaffected by inflation risk, but they are exposed to the risk that real interest rates will change. Adjustable-rate mortgages usually charge lower interest rates than those with fixed rates. According to scholars, "borrowers should
652:
Since HELOCs are intended by banks to primarily sit in second lien position, they normally are only capped by the maximum interest rate allowed by law in the state wherein they are issued. For example, Florida currently has an 18% cap on interest rate charges. They are risky to the borrower in the
104:
to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls but loses if the interest rate increases. The borrower also benefits from reduced margins to the underlying cost of borrowing compared to
921:
In
December 1995, a government study concluded that 50–60% of all Adjustable Rate Mortgages in the United States contain an error regarding the variable interest rate charged to the homeowner. The study estimated the total amount of interest overcharged to borrowers was in excess of $ 8 billion.
640:
loan has a life cap for the underlying rate (aka "Fully
Indexed Rate") between 9.95% and 12% (maximum assessed interest rate). Some of these loans can have much higher rate ceilings. The fully indexed rate is always listed on the statement, but borrowers are shielded from the full effect of rate
847:
of future interest rates, numerous (10,000–100,000 or even 1,000,000) possible interest rate scenarios are explored, mortgage cash flows calculated under each, and aggregate parameters like fair value and effective interest rate over the life of the mortgage are estimated. Having these at hand,
724:
For those who plan to move within a relatively short period of time (three to seven years), variable rate mortgages may still be attractive because they often include a lower, fixed rate of interest for the first three, five, or seven years of the loan, after which the interest rate fluctuates.
417:
Option ARMs are best suited to sophisticated borrowers with growing incomes, particularly if their incomes fluctuate seasonally and they need the payment flexibility that such an ARM may provide. Sophisticated borrowers will carefully manage the level of negative amortization that they allow to
334:
ARMs generally permit borrowers to lower their initial payments if they are willing to assume the risk of interest rate changes. There is evidence that consumers tend to prefer contracts with the lowest initial rates such as in the UK, where consumers tend to focus on immediate monthly mortgage
413:
Option ARMs are often offered with a very low teaser rate (often as low as 1%) which translates into very low minimum payments for the first year of the ARM. During boom times, lenders often underwrite borrowers based on mortgage payments that are below the fully amortizing payment level. This
361:
Banking regulators pay close attention to asset-liability mismatches to avoid such problems, and they place tight restrictions on the amount of long-term fixed-rate mortgages that banks may hold in relation to their other assets. To reduce the risk, many mortgage originators sell many of their
441:
Option ARMs may also be available as "hybrids", with longer fixed-rate periods. These products would not be likely to have low teaser rates. As a result, such ARMs mitigate the possibility of negative amortization, and would likely not appeal to borrowers seeking an "affordability" product.
906:(GAO) released a study of Adjustable Rate Mortgages in the United States which found between 20% and 25% of the ARM loans out of the estimated 12 million at the time contained Interest Rate Errors. A former federal mortgage banking auditor estimated these mistakes created at least
454:. This type of loan allows a borrower to choose their monthly payment from several options. These payment options usually include the option to pay at the 30-year level, 15-year level, interest only level, and a minimum payment level. The minimum payment level is usually lower than the
831:
The fact that an adjustable rate mortgage has a lower starting interest rate does not indicate what the future cost of borrowing will be (when rates change). If rates rise, the cost will be higher; if rates go down, cost will be lower. In effect, the borrower has agreed to take the
66:, whilst in the United States, "adjustable-rate mortgage" is most common, and implies a mortgage regulated by the Federal government, with caps on charges. In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages.
491:
example, a 5/1 ARM means that the initial interest rate applies for five years (or 60 months, in terms of payments), after which the interest rate is adjusted annually. (Adjustments for escrow accounts, however, do not follow the 5/1 schedule; these are done annually.)
167:
The final way to apply an index is on a movement basis. In this scheme, the mortgage is originated at an agreed upon rate, then adjusted based on the movement of the index. Unlike direct or index plus margin, the initial rate is not explicitly tied to any index; the
62:. There may be a direct and legally defined link to the underlying index, but where the lender offers no specific link to the underlying market or index, the rate can be changed at the lender's discretion. The term "variable-rate mortgage" is most common outside the
508:
For ARMs where the index is applied to the interest rate of the note on an "index plus margin" basis, the margin is the difference between the note rate and the index on which the note rate is based expressed in percentage terms. This is not to be confused with
437:
Any loan that is allowed to generate negative amortization means that the borrower is reducing his equity in his home, which increases the chance that he won't be able to sell it for enough to repay the loan. Declining property values would exacerbate this risk.
696:
In many countries, it is not feasible for banks to lend at fixed rates for very long terms; in these cases, the only feasible type of mortgage for banks to offer may be adjustable rate mortgages (barring some form of government intervention). For example, the
559:
Industry term to describe the severe (unexpected or planned for by borrower) upward movement of mortgage loan interest rates and its effect on borrowers. This is the major risk of an ARM, as this can lead to severe financial hardship for the borrower.
310:
ARMs that allow negative amortization will typically have payment adjustments that occur less frequently than the interest rate adjustment. For example, the interest rate may be adjusted every month, but the payment amount only once every 12 months.
693:. In some countries, true fixed-rate mortgages are not available except for shorter-term loans; in Canada, the longest term for which a mortgage rate can be fixed is typically no more than ten years, while mortgage maturities are commonly 25 years.
342:, the customer deposits typically have much shorter terms than residential mortgages. If a bank offered large volumes of mortgages at fixed rates but derived most of its funding from deposits (or other short-term sources of funds), it would have an
402:
An "option ARM" is typically a 30-year ARM that initially offers the borrower four monthly payment options: a specified minimum payment, an interest-only payment, a 15-year fully amortizing payment, and a 30-year fully amortizing payment.
303:
Caps on the periodic change in interest rate may be broken up into one limit on the first periodic change and a separate limit on subsequent periodic change, for example 5% on the initial adjustment and 2% on subsequent adjustments.
159:
A directly applied index means that the interest rate changes exactly with the index. In other words, the interest rate on the note exactly equals the index. Of the above indices, only the contract rate index is applied directly.
421:
In this way, a borrower can control the main risk of an Option ARM, which is "payment shock", when the negative amortization and other features of this product can trigger substantial payment increases in short periods of time.
922:
Inadequate computer programs, incorrect completion of documents and calculation errors were cited as the major causes of interest rate overcharges. No other government studies have been conducted into ARM interest overcharges.
613:
might have a 1/1/6 cap (1% initial cap, 1% adjustment cap and 6% lifetime cap) known as a 1-1-6, or alternatively expressed as a 1/6 cap (leaving out one digit signifies that the initial and adjustment caps are identical).
541:
The length of time between interest rate adjustments. In times of falling interest rates, a shorter period benefits the borrower. On the other hand, in times of rising interest rates, a shorter period benefits the lender.
469:
mortgages, however not all loans with cash flow options are adjustable. In fact, fixed rate cash flow option loans retain the same cash flow options as cash flow ARMs and option ARMs, but remain fixed for up to 30 years.
820:, long-term fixed rates will tend to be higher than short-term rates (which are the basis for variable-rate loans and mortgages). The difference in interest rates between short and long-term loans is known as the
390:
The popularity of hybrid ARMs has significantly increased in recent years. In 1998, the percentage of hybrids relative to 30-year fixed-rate mortgages was less than 2%; within six years, this increased to 27.5%.
917:
In July 1994, Consumer Loan
Advocates, a non-profit mortgage auditing firm announced that as many as 18% of Adjustable Rate Mortgages have errors costing the borrower more than $ 5,000 in interest overcharges.
712:
Countries where fixed rate loans are the common form of loan for a house purchase usually need to have a specific legal framework in place to make this possible. For example, in
Germany and Austria the popular
657:, which is considered a Spot Index, or a financial indicator that is subject to immediate change (as are the loans based upon the Prime Rate). The risk to borrower being that a financial situation causing the
579:
Loan caps provide payment protection against payment shock, and allow a measure of interest rate certainty to those who gamble with initial fixed rates on ARM loans. There are three types of Caps on a typical
410:
ARM has accrued monthly interest of $ 1,500, $ 500 will be added to the borrower's loan balance. Moreover, the next month's interest-only payment will be calculated using the new, higher principal balance.
938:
recognised that the country had a problem with banks moving customers away from low interest, and unprofitable, tracker mortgages in an adverse manner, and setup an investigation into what had happened.
193:. This is the length of time that the interest rate or loan period on an ARM is scheduled to remain unchanged. The rate is reset at the end of this period, and the monthly loan payment is recalculated.
217:. These are interest rate concessions, often used as promotional aids, offered the first year or more of a loan. They reduce the interest rate below the prevailing rate (the index plus the margin).
255:
Any mortgage where payments made by the borrower may increase over time brings with it the risk of financial hardship to the borrower. To limit this risk, limitations on charges—known as
358:
raised interest rates in the early 1980s. Therefore, banks and other financial institutions offer adjustable rate mortgages because it reduces risk and matches their sources of funding.
335:
costs. Decisions of consumers may also be affected by the advice that they get, and much of the advice is provided by lenders who may prefer ARMs because of financial market structures.
394:
Like other ARMs, hybrid ARMs transfer some interest-rate risk from the lender to the borrower, thus allowing the lender to offer a lower note rate in many interest-rate environments.
350:. It would then be running the risk that the interest income from its mortgage portfolio would be less than it needed to pay its depositors. In the United States, some argue that the
798:
The loan can be pegged to SIBOR or SOR of any duration, and a spread (margin) is tacked to the X-month SIBOR/SOR. The spread is usually adjusted upwards after the first few years.
58:
periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender's standard variable rate/
641:
increases by the minimum payment, until the loan is recast, which is when principal and interest payments are due that will fully amortize the loan at the fully indexed rate.
458:
only payment. This type of loan can result in negative amortization. The option to make a minimum payment is usually available only for the first several years of the loan.
857:
the loan like other loan types. Upon each recasting, the new fully indexed interest rate is applied to the remaining principal to end within the remaining term schedule.
960:
387:
to an adjusting payment schedule is known as the reset date. After the reset date, a hybrid ARM floats at a margin over a specified index just like any ordinary ARM.
383:
is for an ARM with a 3-year fixed interest-rate period and subsequent 1-year interest-rate adjustment periods. The date that a hybrid ARM shifts from a fixed-rate
1347:
2414:
705:. Since funds raised by UK building societies must be at least 50% deposits, lenders prefer variable-rate mortgages to fixed-rate mortgages to reduce potential
741:
in the country, a floating rate mortgage has its interest rate varying during the entire duration of the loan. The loans can be pegged to the bank board rate,
1251:
513:. The lower the margin the better the loan is to the borrower as the maximum rate will increase less at each adjustment. Margins will vary between 2% and 7%.
211:. These are the limits on how much the interest rate or the monthly payment can be changed at the end of each adjustment period or over the life of the loan.
2369:
839:
The actual pricing and rate analysis of adjustable rate mortgage in the finance industry is done through various computer simulation methodologies like
354:
was in part caused by the problem: the savings and loans companies had short-term deposits and long-term, fixed-rate mortgages and so were caught when
1195:
860:
If a mortgage is refinanced, the borrower simultaneously takes out a new mortgage and pays off the old mortgage; the latter counts as a prepayment.
1875:
1556:
867:
of several thousand dollars if the borrower refinances the loan or pays it off early, especially within the first three or five years of the loan.
805:
698:
235:. Some agreements may require the buyer to pay special fees or penalties if the ARM is paid off early. Prepayment terms are sometimes negotiable.
2384:
307:
Although uncommon, a cap may limit the maximum monthly payment in absolute terms (for example, $ 1000 a month), rather than in relative terms.
156:
which is used as the index. The index may be applied in one of three ways: directly, on a rate plus margin basis, or based on index movement.
1774:
1489:
1162:
1098:
848:
lending analysts determine whether offering a particular mortgage would be profitable, and if it would represent tolerable risk to the bank.
636:(HELOCs) have different ways of structuring the Cap than a typical First Lien Mortgage. The typical First Lien Monthly Adjustable loans with
338:
In many countries, banks or similar financial institutions are the primary originators of mortgages. For banks that are funded from customer
2374:
1403:
229:. The agreement with the lender may have a clause that allows the buyer to convert the ARM to a fixed-rate mortgage at designated times.
2399:
808:
introduced an ARM that is pegged to the average of SIBOR and SOR. So far, it is the only bank in
Singapore to offer such a mortgage.
2197:
1880:
1119:
591:
rate term of three years or lower and 5–6% above the Start Rate on a loan with an initial fixed rate term of five years or greater.
259:
in the industry—are a common feature of adjustable rate mortgages. Caps typically apply to three characteristics of the mortgage:
661:
to raise rates dramatically (see 1980, 2006) would effect an immediate rise in obligation to the borrower, up to the capped rate.
903:
604:
Most First
Mortgage loans have a 5% or 6% Life Cap above the Start Rate (this ultimately varies by the lender and credit grade).
882:
Adjustable rate mortgages are sometimes sold to consumers who are unlikely to repay the loan should interest rates rise. In the
430:
every fifth year) when the payment is adjusted to get the ARM back on pace to amortize the ARM in full over its remaining term.
1683:
746:
78:
2354:
2334:
1799:
887:
709:
between what they charging in mortgage interest and what they are paying in interest for deposits and other funding sources.
654:
1377:
365:
For the borrower, adjustable rate mortgages may be less expensive but at the price of bearing higher risk. Many ARMs have "
2460:
74:
343:
2364:
2308:
1913:
1656:
1355:
1322:
998:
952:
948:
244:
816:
Adjustable rate mortgages are typically, but not always, less expensive than fixed-rate mortgages. Due to the inherent
2313:
2303:
1870:
1549:
1148:
1970:
1860:
1435:
1248:
645:
633:
1918:
1815:
1767:
1710:
1705:
718:
500:
rate. Calculating this is important for ARM buyers, since it helps predict the future interest rate of the loan.
1830:
1647:
967:
844:
426:
94:
2112:
2001:
1850:
1003:
935:
824:, which generally slopes upward (longer terms are more expensive). The opposite circumstance is known as an
351:
81:, which offers changing payment amounts but a fixed interest rate. Other forms of mortgage loan include the
1046:
2212:
2172:
1938:
1731:
1542:
1203:
2273:
2253:
2227:
2217:
2177:
2045:
2006:
1908:
1865:
1855:
1840:
1820:
1297:
637:
629:
625:
617:
240:
205:. This is the percentage points that lenders add to the index rate to determine the ARM's interest rate.
90:
1451:
69:
Among the most common indices are the rates on 1-year constant-maturity
Treasury (CMT) securities, the
2434:
2187:
2117:
1980:
1923:
1845:
1835:
1825:
1760:
825:
291:
maximum mortgage payment adjustments, usually 7.5% annually on pay-option/negative amortization loans
1508:
2344:
2167:
2162:
1996:
1901:
1896:
1715:
1588:
1272:
931:
914:
selected the incorrect index date, used an incorrect margin, or ignored interest rate change caps.
738:
124:
86:
70:
910:
10 billion in net overcharges to American home-owners. Such errors occurred when the related
239:
The choice of a home mortgage loan is complicated and time consuming. As a help to the buyer, the
2446:
2394:
2268:
2222:
2202:
2035:
2016:
1958:
1933:
1628:
1624:
1614:
1574:
840:
833:
817:
706:
702:
533:
The introductory rate provided to purchasers of ARM loans for the initial fixed interest period.
347:
153:
82:
2487:
2298:
2107:
2090:
2050:
1975:
1965:
1943:
1928:
1673:
1485:
1158:
1115:
1081:
983:
971:
911:
891:
339:
1523:
1152:
2482:
2318:
2293:
2192:
2134:
2095:
2055:
1638:
1071:
868:
628:
loans are by nature. Higher risk products, such as First Lien Monthly Adjustable loans with
384:
109:
generally prefer adjustable-rate over fixed-rate mortgages, unless interest rates are low."
2182:
2129:
1677:
1439:
1255:
1224:
658:
277:
interest adjustments made every six months, typically 1% per adjustment, 2% total per year
273:
For example, a given ARM might have the following types of interest rate adjustment caps:
17:
2409:
2389:
2349:
2288:
2070:
2040:
1652:
670:
2476:
2207:
2139:
2124:
1953:
1565:
1478:
883:
510:
451:
63:
55:
51:
47:
1348:"Government study concludes 50%-60% of all adjustable rate mortgages contain errors"
2379:
2278:
2263:
2237:
2060:
2026:
1741:
1529:
669:
Variable rate mortgages are the most common form of loan for house purchase in the
355:
269:
total change in interest rate over the life of the loan, sometimes called life cap
2404:
2258:
2080:
2075:
1948:
1783:
1737:
988:
821:
801:
SIBOR-pegged ARMs are more popular than SOR-or board&rate-pegged mortgages.
690:
366:
2359:
2232:
1699:
581:
568:
Any clause that sets a limitation on the amount or frequency of rate changes.
1085:
751:
Typically, the structure of the interest rate of the mortgage is as follows:
734:
686:
406:
These types of loans are also called "pick-a-payment" or "pay-option" ARMs.
299:
total interest rate adjustment limited to 5% or 6% for the life of the loan.
59:
1382:
974:(which accounted for 20% of all mortgages) were adjustable-rate mortgages.
737:, ARM is commonly known as floating rate or variable rate mortgage. Unlike
2339:
2283:
2085:
2011:
1794:
1154:
World Economic Outlook: September 2004: The Global Demographic Transition
1076:
1059:
455:
1432:
584:
Adjustable Rate Mortgage or First Lien Hybrid Adjustable Rate Mortgage.
27:
Mortgage loan with an interest rate that changes based on credit markets
993:
682:
674:
2144:
678:
101:
1509:
U.S. Federal Reserve Consumer Handbook on Adjustable Rate Mortgages
2100:
742:
522:
425:
The minimum payment on an Option ARM can jump dramatically if its
130:
100:
Adjustable rates transfer part of the interest rate risk from the
1518:
1513:
2065:
1534:
280:
interest adjustments made only once a year, typically 2% maximum
1756:
1538:
907:
1752:
843:
or Sobol sequences. In these techniques, by using an assumed
1452:"Harvard University-The State of the Nation's Housing-2008-"
1196:"Option ARMs Remain Popular Despite Risks and Higher Rates"
525:
used to periodically adjust the interest rate of the ARM.
1060:"Popular Personal Financial Advice versus the Professors"
362:
mortgages, particularly the mortgages with fixed rates.
1225:"Payment Shock Is The Latest Worry In Mortgage Markets"
1419:"Carter mortgage aid not surprising", by David Frink,
551:
loan typically has either no Floor or 2% below start.
2327:
2246:
2153:
2025:
1989:
1889:
1808:
1724:
1692:
1666:
1603:
1581:
1182:
Handbook of Mortgage-Backed Securities, 6th Edition
1477:
681:but are unpopular in some other countries such as
624:See the complete article for the type of ARM that
283:interest rate may adjust no more than 1% in a year
1433:FRB Philadelphia - PL 97-320, Garn-St Germain Act
187:. This is the beginning interest rate on an ARM.
1273:"Option ARMs At The Center of Rate Shock Fears"
1157:. International Monetary Fund. pp. 81–83.
959:TITLE VIII, ALTERNATIVE MORTGAGE TRANSACTIONS,
180:The most important basic features of ARMs are:
164:2% being the margin and LIBOR being the index.
2415:List of housing markets by real estate prices
1768:
1550:
685:. Variable rate mortgages are very common in
598:initial fixed term of five years or greater.
8:
1519:US historical mortgage rates, 1982 – present
961:Garn–St. Germain Depository Institutions Act
461:Cash flow ARM mortgages are synonymous with
450:A cash flow ARM is a minimum payment option
295:Life of loan interest rate adjustment caps:
963:of 1982 allowed Adjustable rate mortgages.
2455:
1775:
1761:
1753:
1557:
1543:
1535:
1298:"Adjustable-Rate Mortgage Mistakes Add Up"
1047:The Definition of a Variable-Rate Mortgage
1029:
1027:
1025:
1023:
1021:
1019:
653:sense that they are mostly indexed to the
1378:"Explainer: The tracker mortgage scandal"
1176:
1174:
1075:
886:, extreme cases are characterized by the
753:
472:
314:Cap structure is sometimes expressed as
1354:. 1995-12-01. p. 2. Archived from
1143:
1141:
1139:
1137:
1135:
1133:
1131:
1112:Consumer and business credit management
1015:
699:mortgage industry of the United Kingdom
152:In some countries, banks may publish a
142:National Average Contract Mortgage Rate
1323:"Costly Errors Lurk in Some Mortgages"
1110:Mishler, Lon; Cole, Robert E. (1995).
1524:Daily Adjustable Mortgage Rate Survey
1114:. Homewood: Irwin. pp. 132–133.
263:frequency of the interest rate change
136:12-month Treasury Average Index (MTA)
7:
2442:
898:Interest rate errors and overcharges
701:has traditionally been dominated by
521:A published financial index such as
434:the loan balance reaches $ 250,000.
247:have prepared a mortgage checklist.
2400:Undergraduate real estate programs
926:Ireland’s Tracker Mortgage Scandal
287:Mortgage payment adjustment caps:
25:
2198:Investment rating for real estate
1404:"Flexible-Rate Mortgage Approved"
1249:"ANZ Property Loans in Singapore"
2454:
2441:
2429:
2428:
1064:Journal of Economic Perspectives
1035:Real Estate Finance, 8th Edition
904:Government Accountability Office
266:periodic change in interest rate
139:Constant Maturity Treasury (CMT)
105:fixed or capped rate mortgages.
1684:graduated payment mortgage loan
1596:/ variable-rate / floating rate
1376:Cox, Aengus (25 October 2017).
608:Industry Shorthand for ARM Caps
2355:Graduate real estate education
1800:Tertiary sector of the economy
1421:Austin (TX) American-Statesman
888:Consumer Federation of America
828:and is relatively infrequent.
655:Wall Street Journal prime rate
91:negative amortization mortgage
1:
1530:US historical ARM index rates
1514:US historical ARM index rates
953:savings and loan associations
131:London Interbank Offered Rate
75:London Interbank Offered Rate
2309:Real estate investment trust
1914:Extraterrestrial real estate
1657:shared appreciation mortgage
1099:What is an indexed mortgage?
999:United States housing bubble
949:Federal Home Loan Bank Board
588:Initial Adjustment Rate Cap:
245:Federal Home Loan Bank Board
2314:Real property administrator
2304:Real estate investment club
1149:International Monetary Fund
646:Home equity lines of credit
634:Home equity lines of credit
148:Consumer Price Index (CPI)
2504:
1971:Private equity real estate
1194:Simon, Ruth (2006-08-21).
145:Bank Bill Swap Rate (BBSW)
79:graduated payment mortgage
2423:
1919:International real estate
1790:
1711:foreign national mortgage
1706:foreign currency mortgage
1572:
719:mutual building societies
320:subsequent adjustment cap
18:Adjustable rate mortgages
1648:balloon payment mortgage
1594:adjustable-rate mortgage
1438:August 12, 2004, at the
1180:Fabozzi, Frank J. (ed),
968:subprime mortgage crisis
845:probability distribution
427:unpaid principal balance
344:asset–liability mismatch
95:balloon payment mortgage
36:adjustable-rate mortgage
2113:Real estate transaction
2002:Real estate development
1680:, mortgage accelerator)
1408:Pittsburgh Post-Gazette
1329:. 1994-07-23. p. 3
1304:. 1991-09-22. p. 2
1254:April 28, 2014, at the
1058:Choi, James J. (2022).
1004:US mortgage terminology
902:In September 1991, the
352:savings and loan crisis
2213:Real estate derivative
2173:Effective gross income
1939:Healthcare real estate
1732:Annual percentage rate
1625:interest-only mortgage
1526:by Mortgage News Daily
947:On April 3, 1980, the
792:1.25% + 1-Month SIBOR
784:1.00% + 1-Month SIBOR
776:0.75% + 1-Month SIBOR
768:0.75% + 1-Month SIBOR
316:initial adjustment cap
172:are tied to an index.
83:interest-only mortgage
32:variable-rate mortgage
2370:Industry trade groups
2274:Exclusive buyer agent
2228:Real estate valuation
2218:Real estate economics
2178:Gross rent multiplier
2007:Real estate investing
1909:Corporate Real Estate
1457:. p. 4, Figure 4
1423:, April 10, 1980, pD6
1277:MortgageNewsDaily.com
1229:MortgageNewsDaily.com
1200:RealEstateJournal.com
760:Interest Rate (p.a.)
638:Negative amortization
630:Negative amortization
626:Negative amortization
618:Negative amortization
241:Federal Reserve Board
221:Negative amortization
191:The adjustment period
185:Initial interest rate
2188:Highest and best use
2154:Economics, financing
2118:Real estate contract
2012:Real estate flipping
1981:Residential property
1924:Lease administration
1876:United Arab Emirates
1476:Zandi, Mark (2010).
1410:, April 4, 1980, p13
1077:10.1257/jep.36.4.167
966:In 2006, before the
865:prepayment penalties
826:inverted yield curve
595:Rate Adjustment Cap:
2168:Capitalization rate
2163:Asset-based lending
1997:Property management
1902:Commercial building
1897:Commercial property
1716:wraparound mortgage
1589:fixed-rate mortgage
1358:on January 19, 2008
951:voted to authorize
804:However, recently,
789:Fourth Year Onwards
739:fixed-rate mortgage
707:interest rate risks
496:Fully Indexed Rate
475:
125:Cost of Funds Index
87:fixed-rate mortgage
71:cost of funds index
2395:Real estate trends
2299:Real estate broker
2269:Chartered Surveyor
2223:Real estate bubble
2203:Mortgage insurance
2036:Adverse possession
1959:Luxury real estate
1934:Garden real estate
1629:endowment mortgage
1615:Repayment mortgage
1582:Interest rate type
1575:Financial literacy
1327:The New York Times
1033:Wiedemer, John P,
972:subprime mortgages
970:, over 90% of the
841:Monte Carlo method
834:interest rate risk
818:interest rate risk
703:building societies
473:
467:payment option ARM
348:interest rate risk
209:Interest rate caps
154:prime lending rate
2470:
2469:
2108:Property abstract
2091:Land registration
2051:Concurrent estate
1976:Real estate owned
1966:Off-plan property
1944:Vacation property
1929:Niche real estate
1750:
1749:
1674:flexible mortgage
1621:Repayment at term
1491:978-0-13-701663-1
1302:Los Angeles Times
1164:978-1-58906-406-5
984:Introductory rate
912:mortgage servicer
878:Predatory lending
863:Some ARMs charge
796:
795:
572:
571:
215:Initial discounts
16:(Redirected from
2495:
2458:
2457:
2445:
2444:
2432:
2431:
2375:Investment firms
2294:Property manager
2193:Home equity loan
2096:Leasehold estate
2056:Conditional sale
1777:
1770:
1763:
1754:
1693:Other variations
1667:Variable payment
1639:reverse mortgage
1617:/ self-amortized
1559:
1552:
1545:
1536:
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1211:
1202:. Archived from
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1178:
1169:
1168:
1145:
1126:
1125:
1107:
1101:
1096:
1090:
1089:
1079:
1055:
1049:
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1038:
1031:
754:
476:
385:payment schedule
73:(COFI), and the
44:tracker mortgage
21:
2503:
2502:
2498:
2497:
2496:
2494:
2493:
2492:
2473:
2472:
2471:
2466:
2419:
2323:
2242:
2183:Hard money loan
2155:
2149:
2130:Rent regulation
2021:
1985:
1885:
1804:
1786:
1781:
1751:
1746:
1720:
1688:
1678:offset mortgage
1662:
1599:
1577:
1568:
1563:
1505:
1500:
1499:
1492:
1480:Financial Shock
1475:
1474:
1470:
1460:
1458:
1454:
1450:
1449:
1445:
1440:Wayback Machine
1431:
1427:
1418:
1414:
1402:
1398:
1388:
1386:
1375:
1374:
1370:
1361:
1359:
1352:Allbusiness.com
1346:
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1282:
1280:
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1270:
1266:
1256:Wayback Machine
1247:
1243:
1234:
1232:
1223:
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1218:
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1129:
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1104:
1097:
1093:
1057:
1056:
1052:
1045:
1041:
1032:
1017:
1012:
980:
945:
928:
900:
892:predatory loans
880:
875:
854:
814:
731:
667:
659:Federal Reserve
577:
448:
400:
380:
375:
332:
253:
178:
120:
115:
113:Characteristics
28:
23:
22:
15:
12:
11:
5:
2501:
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2491:
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2475:
2474:
2468:
2467:
2465:
2464:
2461:List of topics
2451:
2438:
2424:
2421:
2420:
2418:
2417:
2412:
2410:Urban planning
2407:
2402:
2397:
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2390:Property cycle
2387:
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2377:
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2357:
2352:
2350:Gentrification
2347:
2342:
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2329:
2325:
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2289:Moving company
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2071:Eminent domain
2068:
2063:
2058:
2053:
2048:
2043:
2041:Chain of title
2038:
2032:
2030:
2029:and regulation
2023:
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2020:
2019:
2014:
2009:
2004:
1999:
1993:
1991:
1987:
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1881:United Kingdom
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1653:equity release
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1604:Repayment type
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1503:External links
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1070:(4): 167–192.
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446:Cash flow ARMs
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367:teaser periods
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123:11th District
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2156:and valuation
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2140:Torrens title
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2126:
2125:Real property
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2015:
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1994:
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1954:Golf property
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1566:Mortgage loan
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1220:
1217:
1206:on 2006-10-22
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884:United States
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755:
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749:
748:
744:
740:
736:
728:
726:
722:
720:
716:
715:Bausparkassen
710:
708:
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700:
694:
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688:
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680:
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672:
664:
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643:
642:
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635:
631:
627:
619:
616:
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614:
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603:
602:Lifetime Cap:
599:
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585:
583:
574:
567:
564:
563:
558:
555:
554:
549:
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511:profit margin
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471:
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452:mortgage loan
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431:
428:
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397:
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388:
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377:
372:
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336:
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312:
308:
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138:
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117:
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98:
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92:
88:
84:
80:
76:
72:
67:
65:
64:United States
61:
57:
53:
52:interest rate
49:
48:mortgage loan
45:
41:
37:
33:
19:
2459:
2447:
2433:
2380:Land banking
2279:Land banking
2264:Buyer broker
2238:Rental value
2061:Conveyancing
1871:Saudi Arabia
1742:Repossession
1725:Key concepts
1643:
1635:No repayment
1634:
1620:
1610:
1593:
1484:. FT Press.
1479:
1471:
1459:. Retrieved
1446:
1428:
1420:
1415:
1407:
1399:
1387:. Retrieved
1381:
1371:
1360:. Retrieved
1356:the original
1351:
1342:
1331:. Retrieved
1326:
1317:
1306:. Retrieved
1301:
1292:
1281:. Retrieved
1279:. 2006-09-11
1276:
1267:
1259:
1244:
1233:. Retrieved
1231:. 2006-08-24
1228:
1219:
1208:. Retrieved
1204:the original
1199:
1189:
1184:, pp 259–260
1181:
1153:
1111:
1105:
1094:
1067:
1063:
1053:
1042:
1034:
965:
958:
946:
936:Central Bank
929:
920:
916:
901:
881:
864:
862:
859:
855:
838:
830:
815:
803:
800:
797:
750:
732:
729:In Singapore
723:
717:, a type of
714:
711:
695:
668:
651:
623:
611:
601:
600:
594:
593:
587:
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578:
474:Terminology
466:
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436:
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420:
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408:
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401:
393:
389:
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364:
360:
356:Paul Volcker
337:
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169:
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107:
99:
68:
43:
39:
35:
31:
29:
2405:Urban decay
2259:Buyer agent
2081:Foreclosure
2076:Encumbrance
1949:Arable land
1861:Puerto Rico
1809:By location
1784:Real estate
1738:Foreclosure
1037:, pp 99–105
989:Teaser rate
822:yield curve
773:Second Year
691:New Zealand
530:Start Rate
482:Definition
398:Option ARMs
378:Hybrid ARMs
346:because of
170:adjustments
2477:Categories
2360:Green belt
2233:Remortgage
2017:Relocation
1816:Bangladesh
1700:buy to let
1611:Continuous
1362:2010-11-09
1333:2010-11-09
1308:2010-11-09
1283:2006-09-15
1235:2006-09-01
1210:2001-09-01
1010:References
852:Prepayment
781:Third Year
765:First Year
665:Popularity
582:First Lien
463:option ARM
233:Prepayment
227:Conversion
203:The margin
93:, and the
2345:Filtering
2335:Companies
2254:Appraiser
2135:Severance
1831:Indonesia
1461:5 October
1086:0895-3309
930:In 2015,
873:Criticism
735:Singapore
687:Australia
575:Loan caps
60:base rate
50:with the
2488:Mortgage
2435:Category
2340:Eviction
2284:Landlord
2086:Land law
1851:Pakistan
1795:Property
1702:mortgage
1436:Archived
1252:Archived
1151:(2004).
978:See also
648:(HELOCs)
620:ARM caps
456:interest
418:accrue.
373:Variants
340:deposits
324:life cap
243:and the
2483:Banking
2448:Commons
2365:Indices
2247:Parties
2046:Closing
1990:Sectors
1389:13 June
994:VA loan
943:History
932:Ireland
812:Pricing
683:Germany
675:Ireland
538:Period
505:Margin
330:Motives
133:(LIBOR)
54:on the
2453:
2440:
2427:
2385:People
2319:Tenant
2145:Zoning
1866:Russia
1856:Panama
1841:Turkey
1821:Canada
1644:Hybrid
1488:
1383:RTÉ.ie
1161:
1118:
1084:
757:Period
679:Canada
547:Floor
518:Index
127:(COFI)
102:lender
89:, the
85:, the
42:), or
2328:Other
2101:Lease
1890:Types
1846:Kenya
1836:Italy
1826:China
1734:(APR)
1455:(PDF)
745:, or
743:SIBOR
523:LIBOR
479:Term
118:Index
46:is a
2066:Deed
1486:ISBN
1463:2017
1391:2023
1159:ISBN
1116:ISBN
1082:ISSN
908:US$
689:and
677:and
632:and
565:Cap
487:X/Y
257:caps
251:Caps
56:note
2027:Law
1260:ANZ
1072:doi
934:’s
890:as
806:ANZ
747:SOR
733:In
465:or
40:ARM
2479::
1740:/
1646::
1637::
1623::
1613::
1406:,
1380:.
1350:.
1325:.
1300:.
1275:.
1258:,
1227:.
1198:.
1173:^
1130:^
1080:.
1068:36
1066:.
1062:.
1018:^
836:.
673:,
322:/
318:/
97:.
34:,
30:A
1776:e
1769:t
1762:v
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1655:(
1631:)
1627:(
1558:e
1551:t
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1465:.
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1365:.
1336:.
1311:.
1286:.
1262:.
1238:.
1213:.
1167:.
1124:.
1088:.
1074::
38:(
20:)
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