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  Interest Rate Cap Definition
Interest Rate Cap The limit as to how much the interest rate of an adjustable rate mortgage can go up or down. You will encounter two types of interest rate caps. A lifetime cap, also referred to as a ceiling or a floor, is required by law and is the limit that is applied to the amount that your interest rate can go up or down over the life of your mortgage. Periodic caps are the limits that are applied to the amount your interest rate can change from one adjustment period to the next.
   
   
   


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