Life Of Loan Cap
An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest rates can be adjusted every three months up to a loan cap of 11%, or 400 basis points.
Popular Real Estate Terms
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A sash window having two vertically moving sashes respectively offset by sash weights. Each sash closes a different part of the window. ...
Drain facility usually underground for waste and water disposal consisting on connected pipes. ...
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