A mortgage that permits the lender to adjust its interest rate periodically on the basis of changes in a specified index.
*This is excerpted from the glossary included on the National Association of REALTORS® (NAR) website. Real estate brokerage is truly dependent on the “lingo,” and this is only a partial list. Go to their website at www.realtor.com and click on “Real Estate Glossary” for more.
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