Updated Norwegian Bokmaal & Questions again

Chris Shoemaker c.shoemaker at cox.net
Thu Dec 22 12:09:07 EST 2005


On Thu, Dec 22, 2005 at 05:20:15PM +0100, linux at strigen.com wrote:
> And the last one for today:
> Can someone give some further info about the following string:
> "A·5/1·Year·ARM" (I've asked the Australian people here at my work, an
> no one can explain it:-)

"Adjustable Rate Mortgage" 

It's a loan where the rate is constant for the period before the '/',
e.g. 5 years, and then may change.  Thereafter, the rate is constant
only for successive terms of the shorter duration given after the '/',
e.g. the rate is "adjusted" every 1 year.

You may find this glossary helpful:
http://www.fanniemae.com/tools/glossary.jhtml

-chris


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