A consumer safeguard limiting adjustments to ARM interest rate or mortgage payment's.
In real estate, the interest or value of the real estate over and above the amount of the indebtedness thereon.
|Gross Monthly Income|
The total monthly income earned before taxes and any other deductions.
|Shared Appreciation Mortgage (SAM)|
A mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to mortgage where the borrowers shares the monthly principal and interest payments with another party in exchange for part of the appreciation.