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Refinance and Mortgage Encyclopedia - interest rate ceiling
Interest Rate CeilingFor an adjustable-rate mortgageThe interest rates charged on these mortgages are tied to an interest-rate index. If the interest rate ( ARMSee: adjustable rate mortgage.), the maximum interest rateThe simple interest rate, stated as a percentage, charged by a lender on the principal amount of borrowed, as specified in the mortgage noteA legal document obligating a borrower to repay a loan at a stated interest rate during a specified. |
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