Interest Rate Ceiling
Definition of "Interest Rate Ceiling"
The highest rate possible under an ARM contract; same as 'lifetime cap.' It is often expressed as a specified number of percentage points above the initial interest rate.
Popular Mortgage Terms
A request for a loan that includes the information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. In a narrower sense, ...
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The lowest interest rate possible under an ARM contract. Floors are less common than ceilings. ...
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