Interest rate cap
- Listed: August 13, 2022 1:48 pm
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Description
Interest rate cap
An interest rate cap, sometimes referred to as an annual cap, is the maximum interest rate increase that can occur annually for an adjustable rate mortgage (ARM) even if the rate would have increased more under market interest rates. For example, if this cap is two percent, the new rate can’t be more than two percentage points higher than the previous rate.
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Listing ID: 82362f7abbb96e41
- Listed by: Editor
- Member Since: July 24, 2018
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