Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.
Adjusted basis is the cost basis of an asset adjusted for various events during its ownership.
An adjuster is an agent who handles insurance related claims commonly commissioned by an insurance company. The adjuster participates in the investigation and settlement of the claim.
Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.
Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate is usually fixed at a discount rate for an initial period before it is reset (or adjusted), according to the parties’ agreement, on a scheduled adjustment date to reflect current market interest rates.
Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.
Administer means to carry out a task or give something to someone. Administer appears in a variety of contexts in the legal field. For example:
Administrative expenses are defined under §507(a)(1) of the U.S. Bankruptcy Code, which states that claims that are given first priority distribution are those claims allowed as administrative expenses under §503(b).
An administrative warrant is a warrant obtained from a judge by an administrative body to search for violations of administrative rules and regulations. While similar to a criminal warrant, an administrative warrant requires a lower standard of probable cause to be granted.
