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Cap

What's the meaning of Cap?

 

Cap :
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

 

Did you find our explanation of the phrase Cap useful? If so please use our glossary to look at more explanation of phrases like Cap and many thanks for patronising our site.

 

Want to try another one? How about HUD-1 Uniform Settlement Statement since you has no bother understanding Cap

 

 


What Not to do when taking a mortgage or loan

Don’t fall for a loan from a door-to-door salesman or home improvement contractor who comes to your home. Don’t take out a loan on your property for anyone else unless you can afford to lose that money forever. Don’t decide whether you can afford a loan by the monthly payments alone. Don’t sign anything that has blank spaces. 

If you’re like most homeowners, your house is the most important and valuable thing you own. The money you’ve put into your home can enable you to borrow money with a home equity loan. Your home secures the loan—unfortunately, you can lose your home if you are unable to make the loan payments.

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