Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

adjustment period

Read a random definition: introductory clause

A quick definition of adjustment period:

An adjustment period is the time when the interest rate on an adjustable-rate mortgage (ARM) can change. This happens at scheduled intervals, which can be every month, every six months, every year, or even longer. For example, a 5/6 ARM has a fixed interest rate for the first five years, and then the rate can change every six months. A 15/15 ARM has a fixed rate for the first 15 years, and then the rate can change once for the remaining 15 years.

A more thorough explanation:

Adjustment period refers to the time frame during which the interest rate on an adjustable-rate mortgage (ARM) can be reset. This period is set at regular intervals, such as monthly, semi-annually, annually, or every few years.

For instance, a 5/6 ARM has an initial interest rate that is locked for five years, after which the interest rate can be adjusted every six months. On the other hand, a 15/15 ARM allows for only one interest rate change during the entire life of the mortgage. After an initial rate for 15 years, the borrower assumes a second interest rate for the remaining 15 years.

Adjustment periods are important because they determine how often the interest rate on an ARM can change, which can affect the borrower's monthly mortgage payments. For example, if the interest rate increases during an adjustment period, the borrower's monthly payments may also increase.

Overall, adjustment periods are a crucial aspect of adjustable-rate mortgages, and borrowers should carefully consider the length of the adjustment period when choosing an ARM.

  • A 3/1 ARM has an initial interest rate that is locked for three years, after which the interest rate can be adjusted every year.
  • A 7/23 ARM has an initial interest rate that is locked for seven years, after which the interest rate remains fixed for the remaining 23 years of the mortgage.

These examples illustrate how adjustment periods work in different types of ARMs. In the first example, the interest rate can be adjusted every year after the initial three-year period, while in the second example, the interest rate remains fixed for 23 years after the initial seven-year period.

adjustment of status | administration (of an estate)

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
LSD+ is ad-free, with DMs, discounts, case briefs & more.