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24 June, 08:14

What is a lifetime cap?

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Answers (2)
  1. 24 June, 08:25
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    A lifetime cap is the maximum upper limit interest rate allowable on an adjustable-rate mortgage.
  2. 24 June, 09:35
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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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