A consumer safeguard limiting adjustments to ARM interest rate or mortgage payment's.
A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
|Graduated Payment Mortgage (GPM)|
A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it.
A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card.