Adjustable-Rate Mortgage (Arm)
adjustable-rate mortgage (arm)a mortgage loan that does not have a fixed interest rate. During the life of the loan the interest rate will change based on the index rate. Also referred to as adjustable mortgage loans (AMLs) or variable-rate mortgages (VRMs).
Source: U.S. Department of Housing and Urban Development
Related Terms from the Property Rights and Real Estate Law Glossary