LIFETIME CAP
Maximum interest rate on an adjustable-rate mortgage (ARM) loan that may increase or decrease over the total repayment period. Expressed as a percentage, lifetime cap goes up from its initial interest rate. For instance, if an ARM has an initial fixed interest rate of 6% and a lifetime cap of 4%, the maximum interest rate may be set at 10%. This is a portion of a loan’s interest rate cap structure that is composed of initial, periodic, and life caps.
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Robert C. Merton
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