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| ADJUSTABLE-RATE MORTGAGE (ARM) |
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Related Terminology: PRIME RATE
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| a mortgage loan that allows the interest rate to be changed at specific intervals over the maturity of the loan. |
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| Example A person obtains an adjustable-rate mortgage to finance the purchase of a home. After a 2-year period, the lender may adjust the rate of interest on the loan in accordance with an established index. |
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