A set restriction on how much payments can increase or decrease over a single adjustment period. These caps are for adjustable-rate mortgages that have minimum payments and interest rates that fluctuate independently of each other.
Related information about periodic payment cap:
- Periodic Cap - Mortgage Glossary | Quicken Loans
A periodic payment cap actually refers to the limit a payment can adjust during a period rather than the interest rate. While an adjustable-rate mortgage has great ...
- What is periodic payment cap? definition and meaning
Definition of periodic payment cap: A set restriction on how much payments can increase or decrease over a single adjustment period. These caps are for ...
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Generally, the payment change date occurs in the month immediately after the interest rate adjustment date. periodic payment cap: For an adjustable-rate ...
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... Owner Financing; Payment Change Date; Periodic Payment Cap; Periodic Rate Cap; PITI Reserves; Points; Prepayment Penalty; Pre-Approval; Prime Rate ...
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Periodic Payment Cap Periodic Rate Cap Personal Income Personal Property PITI Planned Unit Development (PUD), Plant Plat Drawing & Conservation Fee ...
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See also "Lifetime Payment Cap," "Lifetime Rate Cap," "Periodic Payment Cap," and "Periodic Rate Cap" Federal Trade Commission - Cite This Source - This ...
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Periodic Payment Cap - Top. On an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase during a single adjustment period.
- glossary - P - Mid-Island Mortgage Corp.
periodic payment cap. For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease during any one adjustment period.