Interest Rate Decrease Cap
Definition of "Interest Rate Decrease Cap"
The maximum allowable decrease in the interest rate on an ARM each time rate is adjusted. It is usually one or two percentage points.
Popular Mortgage Terms
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Charging unwary borrowers interest rates and/or fees that are excessive relative to what the same borrowers could have found had they shopped the market. ...
A lender who offers mortgage loans directly to the public. ...
Deceptive practices used by mortgage loan providers and other participants in the mortgage process. Scams by Loan Providers: Lenders and mortgage brokers may employ a number of tricks ...
A loan with no down payment. ...
The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a specific property. ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
Having the builder borrow the money needed for construction. ...
The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled ...
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