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Simple English definitions for legal terms

graduated-payment adjustable-rate mortgage

Read a random definition: continuity of interest

A quick definition of graduated-payment adjustable-rate mortgage:

A mortgage is a loan that you get to buy a house or property. You promise to pay back the loan with interest over time. 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 special features, like graduated-payment mortgages where your payments start low and increase over time, or wraparound mortgages where you get a second loan to cover the first one and get extra money.

A more thorough explanation:

A graduated-payment adjustable-rate mortgage is a type of mortgage that combines features of the graduated-payment mortgage and the adjustable-rate mortgage. It allows the borrower to make lower initial payments that gradually increase over time as their income increases. The interest rate on the mortgage can also be periodically adjusted in accordance with fluctuations in some external market index.

For example, a borrower may take out a graduated-payment adjustable-rate mortgage with an initial payment of $500 per month. Over time, the payments will gradually increase to $700 per month as the borrower's income increases. The interest rate on the mortgage may also be adjusted periodically based on changes in the market index.

This type of mortgage can be beneficial for borrowers who expect their income to increase over time but may not be able to afford higher payments initially. However, it also carries the risk of higher payments in the future if the market index increases significantly.

graduated lease | graduated-payment mortgage

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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
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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