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adjustable rate loan
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adjustable rate loan

We got an adjustable rate loan because it was cheaper and we thought our income would be much higher later.
  a loan in which the interest rate may vary over the term of the loan
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adjustable rate mortgage variable rate mortgage adjustable rate loan variable rate loan
Strongly Associated with:   fixed rate loan
Adjustable (or variable) rate loan have an adjusting interest rate periodically tied (often with an adjustment) to some index. The loan’s interest increases or decreases with the index which typically results in a different payment amount; though there are alternatives such as a longer term of the loan.

Seven common indexes in the United States are:

11th District Cost of Funds Index (COFI)
London Interbank Offered Rate (LIBOR)
12-month Treasury Average Index (MTA)
Constant Maturity Treasury (CMT)
National Average Contract Mortgage Rate
Bank Bill Swap Rate (BBSW)

Adjustable rate loans are in contrast to fixed rate loans.
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  • We got an adjustable rate loan because it was cheaper and we thought our income would be much higher later.
  • We should write a book: Amazing Amy and the Adjustable Rate Mortgage.
    Gillian Flynn  --  Gone Girl
  • Do I? I had a variable-rate mortgage on my apartment when the interest rate shot up five hundred percent in October.
    Stieg Larsson  --  The Girl with the Dragon Tattoo
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Associated words [difficulty]:   adjustable rate loan [9] , mortgage [2] , home equity [9]
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Most commonly used in these subjects:   Personal Finance, Business, Sports
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