Definitions for "Lifetime Rate Cap"
Keywords:  teslklk
teslklk
The maximum interest rate that may not be exceeded on an adjustable rate loan (ARM) over the life of the loan.
The highest or lowest a rate on an Adjustable Rate Mortgage can reach for the life of the loan.
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the loan. See cap.