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| Falling Interest RatE Adjustable Rate Mo... |
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Falling Interest RatE Adjustable Rate Mortgage (FI
In contrast to the traditional adjustable rate mortgage where the interest rate increases (usually subject to a ceiling) or decreases, the interest payment on a FIREARM adjusts downward when interest rates decline, but remains stable when interest rates advance. The rate on a FIREARM would be capped at the lowest payment rate since the issuance of the mortgage.
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