A clause in an Adjustable or Variable Rate Mortgage which limits the change in the interest rate charged. May limit change within a single adjustment period or over the life of the mortgage. The highest rate of interest chargeable under a Variable or Adjustable Rate Mortgage , as set out in the mortgage contract. The lowest rate of interest chargeable under a Variable or Adjustable Rate Mortgage , as set out in the mortgage contract. A debt for which the periodic payments are enough to pay only the interest which accumulates on the principal over the payment period.
Principal is due at maturity.
Another name for a bridge loan, a short-term loan designed to cover a gap of time between the purchase of a new home and the sale of the old when equity becomes available. Simple style of house, with little or no ornamentation. Federal law administered by HUD regulating the practice of the sale of land between people in different states. Where title in a property is shared among a group of people, each of whom is entitled to occupation of the property for a specified period of time each year. A person who dies without leaving a will.