Option Adjustable-Rate Mortgage (Option ARM)

Option Adjustable-Rate Mortgage (Option ARM),

How Do You Define Option Adjustable-Rate Mortgage (Option ARM)?

1. An Optional Adjustable Rate Mortgage (ARM) is a type of ARM mortgage in which the borrower has several options as to how the lender will be repaid. In addition to being able to pay the same interest and principal as a traditional mortgage, the ARM option also offers an alternative payment option, where the credit recipient can make a very small payment by paying only interest or a minimum.

   • The ARM option is a variable mortgage variable that allows the borrower to choose from a variety of payment options each month.
   • This option is usually 30 years full payment, 15 years full rebate, interest only, or minimum payment which does not include monthly interest.
   • To avoid a significant increase in debt, borrowers should carefully choose the payment structure for the ARM option.

Literal Meanings of Option Adjustable-Rate Mortgage (Option ARM)

Option:

Meanings of Option:

1. Anything that exists or can be selected.

2. Buying or selling options.

Sentences of Option

1. Your second script will be selected when you read it.

Synonyms of Option

freedom of choice, course of action, possibility, choice, alternative, bet, right to choose, power to choose, recourse

Adjustable:

Sentences of Adjustable

1. The car has fully adjustable seats and steering wheel.

Synonyms of Adjustable

movable, variable, accommodating, multiway, adaptable, convertible, modifiable, versatile, mobile, alterable

Rate:

Meanings of Rate:

1. A measure, quantity or frequency that is usually measured in relation to another quantity or measure.

2. A fixed price is paid or charged for something.

3. Set a pattern or value for a specific scale (object).

4. Think of it as a special quality or standard.

5. Correct spelling

6. Soak (linen or linen) in water to soften it.

Sentences of Rate

1. The island has one of the lowest crime rates in the world.

2. Minimum hourly rate 40 3.40

3. They were asked to evaluate their skills in various driving techniques.

4. Atkinson called him the best defender in Europe.

5. Judging this young man for his disrespect.

6. Cannabis was removed and used as hemp to make clothes.

Synonyms of Rate

judge, evaluate, count, classify, calculate, position, rank, compute, outlay, amount, adjudge, categorize, assess, place, payment, put a value on, find to be, deem to be, hire, regard

Mortgage:

Meanings of Mortgage:

1. A legal arrangement under which banks, mortgage lenders, etc., lend at interest for the ownership of the lender's property, provided that the transfer of ownership is terminated upon payment of the loan.

2. Assign (property) to lenders as collateral for loans.

Sentences of Mortgage

1. I deposited one lakh in cash and mortgaged the rest.

2. The form is mortgaged

ARM:

Meanings of ARM:

1. Each of the two upper parts of the human body, from the shoulders to the hands.

2. An object is compared to a shape or an arm, usually something that comes out of a larger frame.

3. Each line contains an angle.

4. Delivery or delivery of weapons.

5. Turn on the detonator (■■■■, missile or other explosive device) so that it can explode.

Sentences of ARM

1. She held the baby in her arms.

2. The cables fasten to the steel arm mounted near the top of the tower.

3. Security forces are equipped with automatic rifles.

4. The ■■■■ will be safe enough for weapons.

Synonyms of ARM

subdivision, provide, division, extension, section, chapter, provision, wing, upper limb, appendage, satellite, agency, branch, department, offshoot, member, office, issue, fit up, lodge

source https://howtodiscuss.com/t/option-adjustable-rate-mortgage-option-arm/75128/1