adjustable rate mortgage
Defined in 1 place of the United States Code.
The term “adjustable rate mortgage” means a residential mortgage that has an interest rate that is subject to change.
Source
- 1998–200012 U.S.C. § 4901Banks and Banking · Definitions · in this chapter
The term “adjustable rate mortgage” means a residential mortgage that has an interest rate that is subject to change. A residential mortgage that: (A) does not fully amortize over the term of the obligation; and (B) contains a conditional right to refinance or modify the unamortized principal at the maturity date of the term, shall be considered to be an adjustable rate mortgage for purposes of this chapter.
Source
- 2000–present12 U.S.C. § 4901Banks and Banking · Definitions · in this chapter