Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years have a set amount of interest on the loan that does not change. ARMs come in many...
wex definitions
adjusted basis
Adjusted basis is the cost basis of an asset adjusted for various events during its ownership. It is usually used to calculate an owner’s capital gain or loss for income tax purposes when the property is sold, or to calculate an inheritor’s...
adjusted gross income (AGI)
Adjusted Gross Income (AGI) is defined as the gross income earned by an individual minus several adjustments made to that income, such as trade and business deductions. Gross income is the income earned by an individual, including the wage...
adjuster
An adjuster is an agent who handles insurance related claims commonly commissioned by an insurance company. The adjuster participates in the investigation and settlement of the claim. This agent is helpful, as it is commonly understood that...
adjustment
Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.
For tax returns, an IRS-...
adjustment date
Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate...
adjustment of status
Adjustment of status (AOS) is the process that one can use to apply for lawful permanent resident status (also known as applying for a Green Card) when one is present in the United States. Adjustment of status is processed by the United...
adjustment period
Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.
Adjustment periods are set at month-to-month, semi...
administer
Administer means to carry out a task or give something to someone. Administer appears in a variety of contexts in the legal field. For example:
A trustee administers the assets of an estate by dispersing, selling, or managing the...administration (of an estate)
Administration of an estate means the management of the assets and liabilities of someone who has died. When a person has not designated a personal representative by will to deal with their estate upon death, the court will appoint an administrator...