A type of adjustable rate mortgage that only requires the lender to provide prior notice before he or she makes adjustments to the interest rate. Discretionary ARMs are not found in the United States, only abroad.
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Discretionary ARM: In European nations, an adjustable rate mortgage contract which permits the lender to change the interest rate at any time. Document ...
- Peace of Mind With an Adjustable Rate Mortgage? - The Mortgage ...
Sep 20, 1999 ... I call this a "discretionary ARM" because the lender has complete discretion regarding the rate. The borrower is at the lender's mercy. With few ...