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Financial terms in "Legal"

1. self-dealing

2. Utter

3. Grand Larceny

4. tenement

5. pain and suffering

6. Hustler Magazine, Inc. V. Falwell (1988)

7. Garnish

8. interlocutory appeal

9. Willful

10. Kidnapping

11. Indorse

12. Law Of The Land

13. De Facto Corporation

14. notarize

15. Private Nuisance

16. Prepayment Penalty

17. qualified plan

18. home office

19. Stock

20. Directed Trust

21. Hybrid Adjustable Rate Mortgage

22. Payment Into Court

23. adverse

24. pawn

25. descriptive mark

26. Disbarment

27. Nonimmigrant

28. Partial-Birth Abortion Ban Act Of 2003

29. Rational Basis

30. Building And Loan Association

31. Moral Certainty

32. Concurrent Condition

33. Roe V. Wade (1973)

34. commingling

35. Escheat

36. constructive notice

37. dishonor

38. Extradition

39. Appellant

40. Promotional Stock

41. Constructive Possession

42. Conditional Sale

43. Grantor-Retained Unitrust

44. Dicta

45. Prudent Person Rule

46. Request For Admission

47. Deed in lieu of foreclosure

48. assignor

49. Self-Incrimination

50. Mcculloch V. Maryland (1819)

51. Law And Motion Calendar

52. Necessary Inference

53. spot zoning

54. Certificate Of Incorporation

55. Joint tax return

56. municipal

57. Third Party Beneficiary

58. pledge

59. Enclosure (Inclosure)

60. false arrest

61. prevailing party

62. Discharge (Of Debts)

63. Noncontiguous

64. Deep Link

65. Reasonable Reliance

66. Capitalized Value

67. Secondary Meaning

68. Jump Bail

69. Fornication

70. De Jure

71. draft

72. Elements (Of A Case)

73. In Re Gault (1967)

74. utility patent

75. Outlaw

76. trade dress

77. Concurrent Resolution Of Congress

78. Collateral Consanguinity

79. Privity

80. Credible Witness

81. Payable On Demand

82. Special Prosecutor

83. quantum meruit

84. redlining

85. Attached

86. Condemnation

87. Bail

88. corporate resolution

89. Exculpatory Evidence

90. Credit Counseling

91. Civil Rights Act Of 1964

92. Hearsay Rule

93. Mesne Profits

94. Recurring Closing Costs

95. Lulac

96. in-house counsel

97. Life Act

98. Bifurcate

99. Pretrial Discovery

100. Negative Income

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Featured term of the day

Definition / Meaning of

Hybrid Mortgage

Categories: Finance,

Sometimes called an intermediate ARM, a fixed-period ARM, or a multiyear mortgage, a hybrid mortgage combines aspects of fixed-rate and adjustable-rate mortgages.The initial rate is fixed for a specific period - usually three, five, seven, or ten years - and then is adjusted to market rates. The adjustment may be a one-time change, or more typically, it changes regularly over the balance of the loan term, usually once a year. In many cases, the interest rate changes on a hybrid mortgage are capped, which can help protect you if market rates rise sharply.One advantage of the hybrid mortgage is that the interest rate for the fixed-rate portion is usually lower than with a 30-year fixed-rate mortgage. The lower rate also means it's easier to qualify for a mortgage, since the monthly payment will be lower. And if you move or refinance before the interest rate is adjusted - the typical mortgage lasts only seven years - you don't have to worry about rates going up.However, some hybrid mortgages carry prepayment penalties if you refinance or pay off the loan early. While prepayment penalties are illegal in many states, they are legal in others.

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