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Simple English definitions for legal terms
GPARM
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A quick definition of GPARM:
A mortgage is a way to borrow money to buy a property. It's like a loan, but the property is used as security. If you don't pay back the money, the lender can take the property. There are different types of mortgages, like adjustable-rate mortgages where the interest rate can change, or fixed-rate mortgages where the interest rate stays the same. Some mortgages have lower payments at first and then increase over time, while others require a big payment at the end. It's important to understand the terms of a mortgage before agreeing to it.A more thorough explanation:
Definition: GPARM stands for graduated-payment adjustable-rate mortgage. It is a type of mortgage that combines features of a graduated-payment mortgage and an adjustable-rate mortgage. The lender can periodically adjust the interest rate based on fluctuations in an external market index. The initial payments are lower than later payments, and they gradually increase as the borrower's income increases over time.
Example: Suppose a borrower takes out a GPARM with an initial interest rate of 3%. The mortgage payments start at $500 per month for the first year, then increase to $600 per month for the second year, and so on until the payments reach $800 per month in the fifth year. After the fifth year, the interest rate can adjust based on market conditions, and the payments can increase or decrease accordingly.
This example illustrates how a GPARM combines the features of a graduated-payment mortgage (lower initial payments that gradually increase over time) and an adjustable-rate mortgage (the interest rate can adjust based on market conditions).