What is a lifetime cap ?

Mathematics

2 answers:

Mashcka [7]3 years ago

6 0

A lifetime cap is the maximum upper limit interest rate allowable on an adjustable-rate mortgage.

Sphinxa [80]3 years ago

5 0

<h2>Answer:</h2>

Lifetime gap is the maximum amount of money that should be given on a mortgage loan.

<h2>Step-by-step explanation:</h2>

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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