Interest Rate Floor
Definition of "Interest Rate Floor"
The lowest interest rate possible under an ARM contract. Floors are less common than ceilings.
Popular Mortgage Terms
Limit on the size of payment change on an adjustable rate mortgage. ...
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An option exercised by the borrower, at the time of the loan application or later, to 'lock in' the rates and points prevailing in the market at that time. When lenders 'lock/' they ...
A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...
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