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A 10/1 ARM is a hybrid mortgage — that is, a mortgage with a fixed and a variable period. For the first 10 years, the borrower pays the same interest rate on the loan. After that, the rate can ...
With a 10/1 or 10/6 ARM, you'll have a fluctuating interest rate after a set introductory period, while with a 30-year fixed-rate mortgage, the rate never changes. For their first decade, the ARMs ...
10/6 and 10/1 ARMs: 10/6 and 10/1 ARMs have a fixed intro rate for the first 10 years of the mortgage, then move to an adjustable rate for the remaining 20 years. 10/6 ARMs adjust every six months ...
Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage ( ARM ), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [ 1] The loan may be offered at the lender's standard variable rate ...
Pillory. The pillory is a device made of a wooden or metal framework erected on a post, with holes for securing the head and hands, used during the medieval and renaissance periods for punishment by public humiliation and often further physical abuse. [ 1] The pillory is related to the stocks.
Corporate spin-off. A corporate spin-off, also known as a spin-out, [ 1] or starburst or hive-off, [ 2] is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. [ 3] It is distinct from a sell-off, where a company sells a section to another ...
The “5/1” refers to the length of the fixed-rate period and the frequency of rate changes, respectively. The “5” is the fixed-rate period of the mortgage — the first five years. The “1 ...
The arm's length principle ( ALP) is the condition or the fact that the parties of a transaction are independent and on an equal footing. [ 1] Such a transaction is known as an "arm's-length transaction". It is used specifically in contract law to arrange an agreement that will stand up to legal scrutiny, even though the parties may have shared ...