Meaning / Definition of
Rate Caps
Categories: Loan and Mortgage, Credit and Debt, Real Estate,
Limitations on the size of rate adjustments on an ARM, often expressed in a/b/c fashion: "a" is the maximum rate change at the first rate adjustment, "b" is the maximum at all subsequent adjustments, and "c" is the maximum increase over the initial rate during the life of the contract.
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Definition / Meaning of
Mortgage-backed Security
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