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Simple English definitions for legal terms

graduated-payment adjustable-rate mortgage

Read a random definition: incestuous adultery

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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babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
umarrussell
17:07
whats a good GRE score
1a2b3c4d26z
17:07
100% chance at getting into a law school
umarrussell
17:07
i feel like you have to score fairly high to get in with GRE
1a2b3c4d26z
17:07
isn't 340 perfect?
1a2b3c4d26z
17:08
So i feel like they're fine
shaquilleoatmeal
17:08
If one of yall can guess what I ended up gettin at sg about an hour ago I’ll Venmo the cost of the meal😂
if when i called gtown they told me "you will 100% get a decision at the end of this week." and i DO not get a decision today. how badly am i legally allowed to crash out. like i have a feeling i ain't getting anything today 😭
1a2b3c4d26z
17:09
Crash out really hard
shaquilleoatmeal
17:09
https://imgur.com/a/rRr0oeT
1a2b3c4d26z
17:09
evol style
1a2b3c4d26z
17:09
Jk dont do that
shaquilleoatmeal
17:09
Use that bowl size to guess, I’ll give you a hit, protein fuckin packed
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