Payment shock
Definition
A very large increase in the payment on an ARM that may surprise the borrower. Also used to refer to a large difference between the rent being paid by a first-time home buyer, and the monthly housing expense on the purchased home.
Related Terms Other terms related to 'Payment shock' starting with the letter 'P' Payment increase cap, Private mortgage insurance, Property flipping, Payoff month, Payment rate 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 | 