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Simple English definitions for legal terms

graduated-payment adjustable-rate mortgage

Read a random definition: Code of Professional Responsibility

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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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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