Define variable-rate mortgage. variable-rate mortgage synonyms, variable-rate mortgage pronunciation, variable-rate mortgage translation, English dictionary definition of variable-rate mortgage. n. Abbr. VRM See adjustable-rate mortgage. American Heritag
According to finance-glossary.com, a variable-rate mortgage is: “A mortgage where the interest rate is not fixed and which is dependent on influences such as long or short-term interest rates, for example treasury securities in the US or the base/repo rate in the UK.” What if I’m u...
variable rate mortgage variable star Dictionary Entries Near variable varia variable variable-area See More Nearby Entries Cite this Entry Style “Variable.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/variable. Accessed 9 Aug. 2024. Copy ...
Define variable rate. variable rate synonyms, variable rate pronunciation, variable rate translation, English dictionary definition of variable rate. variable rate. Translations. English: variable rate n variabler Zinssatz; variable rate mortgage Hypothe
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early years of the development. The builder uses cash to buy down the mortgagerateto a lower level than the prevailing marketloan ratefor some period of time. The typical buydown is 3% of the interest-rateamount for the first year, 2% for the second year, and 1% for the third year (...
A variable-rate mortgage employs a floating rate over part or all of the loan's term rather than having a fixed interest rate throughout. The variable rate will most often utilize an index rate, such as the Prime Rate or the Fed funds rate, and then add a loan margin on top of it....
Variable Mortgage Offers Flexibility That Fixed Interest Rate Cannot
When a mortgage has a variable interest rate, it is more commonly referred to as anadjustable-rate mortgage(ARM). Many ARMs start with a low fixed interest rate for the first few years of the loan, only adjusting after that period has expired. Common fixed-interest-rate periods on an ARM...