Definition from Nolo’s Plain-English Law Dictionary
The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically upward) on the adjustment date to reflect current market rates. The rate continues to change on a regularly scheduled basis at each adjustment period.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:27 pm