from The American Heritage® Dictionary of the English Language, 4th Edition
- n. See adjustable-rate mortgage.
from the GNU version of the Collaborative International Dictionary of English
- adj. a mortgage whose percentage interest rate varies depending on some agreed standard, such as the prime rate; -- used often in financing the purchase of a home. Such a mortgage usually has a lower initial interest rate than a
fixed-rate mortgage, and this permits buyers of a home to finance the purchase a house of higher price than would be possible with a fixed-rate loan.
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