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Underwater: Options When Your Mortgage Is Upside Down by Chris Lauer

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Glossary of Terms

A credit The best credit rating. If homeowners have A credit, they can get the lowest interest rates and prices that lenders have to offer.

adjustable-rate mortgage (ARM) A mortgage that does not have a fixed interest rate. The rate changes during the life of the loan based on movements in an index rate, such as the rate for Treasury securities or the Cost of Funds Index. ARMs usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates increase, generally ...

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