hybrid adjustable rate mortgage
A mortgage loan that will have a fixed rate for a set number of years, after that point the interest rate may be adjusted.
Definition from Nolo’s Plain-English Law Dictionary
An adjustable rate mortgage that starts with a fixed interest rate for a set term (such as five, seven, or ten years), after which the rate can adjust.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm
