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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Variable Rate

Function: noun

Definition 1:
An interest rate that could change once an account is opened. Adjustable Rate Mortgages have rates that can change at certain periods of time. The new rate is often based on the prime rate or some other standard index plus or minus a few percentage points or fractions thereof.