ADJUSTABLE RATE MORTGAGE Definition

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ADJUSTABLE RATE MORTGAGE (ARM) is A mortgage that features predetermined adjustments of the interest rate at regular intervals. An ARM's interest rate is tied to an index outside the control of the lender.

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OTHER CURRENT ASSETS relates to any other current assets. Does not include prepaid items.

CLOSING DATE is the date the purchase of the asset becomes final and you, the new owner, obtain title.

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