Adjustable Rate Mortgage Loan Law and Legal Definition

According to 12 USCS § 3806 [Title 12. Banks And Banking; Chapter 39. Alternative Mortgage Transactions], ‘adjustable rate mortgage loan’ means any consumer loan secured by a lien on a one- to four-family dwelling unit, including a condominium unit, cooperative housing unit, or mobile home, where the loan is made pursuant to an agreement under which the creditor may, from time to time, adjust the rate of interest.