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NMLS TERMS WITH COMPLETE SOLUTION
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NMLS TERMS WITH COMPLETE SOLUTION Acceleration Clause - answerA portion of a lending agreement that forces the borrower to repay the entire loan upon the first instance of borrower default Adjustable-Rate Mortgage (ARM) - answerA type of mortgage instrument in which the interest rate periodically adjusts up or down according to a specific index and pre-determined margin. ARM transactions require the creditor to provide borrowers with a special ARM disclosure as well as a CHARM booklet Adjustment Period - answerThe amount of time during which a new interest rate will be in effect for an adjustable-rate mortgage. New adjustment periods might occur after several months, every year or every few years
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- April 10, 2023
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- Written in
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nmls terms with complete solution
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