'Variable-rate mortgage' definitions:

Definition of 'Variable-rate mortgage'

From: GCIDE
  • Variable \Va"ri*a*ble\, a. [L. variabilis: cf. F. variable.]
  • 1. Having the capacity of varying or changing; capable of alternation in any manner; changeable; as, variable winds or seasons; a variable quantity. [1913 Webster]
  • 2. Liable to vary; too susceptible of change; mutable; fickle; unsteady; inconstant; as, the affections of men are variable; passions are variable. [1913 Webster]
  • Lest that thy love prove likewise variable. --Shak. [1913 Webster]
  • His heart, I know, how variable and vain! --Milton. [1913 Webster]
  • Variable exhaust (Steam Eng.), a blast pipe with an adjustable opening.
  • Variable quantity (Math.), a variable.
  • Variable-rate mortgage (Finance), a mortgage whose percentage interest rate varies depending on some agreed standard, such as the prime rate; -- used often in financing the purchase of a home. Such a mortgage usually has a lower initial interest rate than a {fixed-rate mortgage}, and this permits buyers of a home to finance the purchase a house of higher price than would be possible with a fixed-rate loan.
  • Variable stars (Astron.), fixed stars which vary in their brightness, usually in more or less uniform periods. [1913 Webster]
  • Syn: Changeable; mutable; fickle; wavering; unsteady; versatile; inconstant. [1913 Webster]