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adjustable-rate mortgage |
Also found in: Medical, Legal, Financial, Encyclopedia, Hutchinson | 0.02 sec. |
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An adjustable-rate mortgage generally has a fixed-interest rate for
a set number of years at the beginning, then the rate fluctuates. Group
I, which totals $233,876,071 as of the cut-off date, consists of
fixed-rate and adjustable-rate mortgage loans secured by first and
second liens on mortgaged properties that have original balances that
conform to the guidelines of Fannie Mae and Freddie Mac. Group I
Mortgage Loans consists of fixed-rate and adjustable-rate mortgage loans
with a cut-off principal balance of $337,754,208 that conforms to Fannie
Mae and Freddie Mac loan limits. |
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