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Simple English definitions for legal terms

flexible-rate mortgage

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A quick definition of flexible-rate mortgage:

A flexible-rate mortgage is a type of loan that allows the lender to change the interest rate based on changes in the market. This means that the amount of money you pay each month could go up or down depending on the interest rate. It's also called an adjustable-rate mortgage or a variable-rate mortgage. This type of mortgage can be helpful if you think interest rates will go down in the future, but it can also be risky if rates go up and you can't afford the higher payments.

A more thorough explanation:

A flexible-rate mortgage, also known as an adjustable-rate mortgage or a renegotiable-rate mortgage, is a type of mortgage in which the interest rate can be adjusted periodically based on changes in an external market index. This means that the borrower's monthly payments can increase or decrease over time.

For example, if a borrower takes out a flexible-rate mortgage with an initial interest rate of 3%, but the market index increases to 5%, the borrower's monthly payments will also increase to reflect the higher interest rate. Conversely, if the market index decreases to 2%, the borrower's monthly payments will decrease as well.

Flexible-rate mortgages can be beneficial for borrowers who expect their income to increase in the future, as they can take advantage of lower initial interest rates and potentially save money on monthly payments. However, they can also be risky for borrowers who are not prepared for potential increases in monthly payments.

flexible constitution | flextime

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Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
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