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The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.

term:

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

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