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LSDefine

Simple English definitions for legal terms

PLAM

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A quick definition of PLAM:

PLAM is short for price-level-adjusted mortgage, which is a type of mortgage where the interest rate is fixed, but the principal balance is adjusted to reflect inflation. This means that the amount you owe on your mortgage will increase with inflation, but your monthly payments will stay the same. It's important to understand the terms of your mortgage before signing any agreements.

A more thorough explanation:

PLAM stands for price-level-adjusted mortgage, which is a type of mortgage with a fixed interest rate but the principal balance of which is adjusted to reflect inflation.

For example, let's say you take out a PLAM for $100,000 with a fixed interest rate of 5%. Over time, as inflation increases, the principal balance of your mortgage will also increase to reflect the higher cost of living. This means that you will end up paying more in total, but your monthly payments will remain the same.

PLAMs are designed to protect lenders from inflation, while also providing borrowers with a predictable monthly payment. However, they can be risky for borrowers if inflation rises faster than expected, as they may end up owing more than their property is worth.

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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