Interest rate ceiling
Definition
The highest interest rate possible under an ARM contract; same as "lifetime cap." It is often expressed as a specified number of percentage points above the initial interest rate. See Information to Evaluate an Adjustable Rate Mortgage.
Related Terms Other terms related to 'Interest rate ceiling' starting with the letter 'I' Indexed ARM, Internet mortgages, Interest cost, Initial interest rate, Interest accrual period Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 