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Clara Baird
Mathematics
21 July, 06:52
What is a lifetime cap?
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Wilson Bright
21 July, 07:13
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A lifetime cap is the maximum upper limit interest rate allowable on an adjustable-rate mortgage.
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Bridget Davenport
21 July, 07:15
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Lifetime gap is the maximum amount of money that should be given on a mortgage loan.
Step-by-step explanation:
A lifetime cap, or life cap, tells a borrower the maximum interest rate they could pay during the life of the loan. This cap usually applies to the life of the mortgage. A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. So the maximum amount that a borrower must repay to the lender in case of a mortgage is called the lifetime gap.
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