Discretionary ARM

An ARM on which the lender has the right to change the interest rate at any time,for any reason,by any amount,sub- ject only to a requirement that the borrower be notified in advance.

The discretionary ARM is at the opposite pole from Indexed ARMs on which rate adjustments are completely rule-based.

Discretionary ARMs were long the standard mortgage in the U.K. and in other English-speaking countries that imported it from the U.K., such as India and South Africa. They never caught on in the U.S., where the indexed ARM prevails.

单词	discretionary arm
释义	Discretionary ARM Discretionary ARM An ARM on which the lender has the right to change the interest rate at any time,for any reason,by any amount,sub- ject only to a requirement that the borrower be notified in advance. The discretionary ARM is at the opposite pole from Indexed ARMs on which rate adjustments are completely rule-based. Discretionary ARMs were long the standard mortgage in the U.K. and in other English-speaking countries that imported it from the U.K., such as India and South Africa. They never caught on in the U.S., where the indexed ARM prevails.
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