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Loan and Mortgage Terms Glossary

Interest Rate Swap:

A contractual agreement whereby two parties exchange interest payments on a notional amount of principal during a predetermined period. In a fixed/floating swap, fixed-rate interest rate payments are exchanged for variable-rate payments. In a floating/floating swap, payments tied to two types of short-term variable indices are exchanged. Interest rate swaps are an asset/liability management tool.


 
     
 
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