Cap
Cap - A term used in adjustable rate mortgages. Caps limit the increase or decrease allowed in your interest rate or monthly payments from one adjustment period to the next. Caps also may limit the interest rate over the entire term of the loan. For example, if your mortgage has an adjustment cap of 2% per year and 16% for its life, your interest rate can never be increased or decreased by more than 2% per year or exceed 16% even though the market or fully indexed rate may go much higher.
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