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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).

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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