What is a CAP?
CAP stands for ‘Create A Player’. It is the feature in the game that allows gamers to create their favorite football player as a Bronze, Silver, or Gold Tier player, assigning them their height, weight, player abilities, number, and even going so far as to let the player design and shape their face. When some one refers to a CAP, they are referring to a player that they have created.
Basically, ARM caps limit the amount your interest rate can increase in a specific time period. There are two basic caps. • A periodic adjustment cap limits how much your interest rate can change at each adjustment period. • A lifetime cap is the maximum interest you can be charged for the entire loan term. So when if you see numbers like 2/6, it means your loan will increase 2% during the subsequent adjustment periods, and 6% total for the life of the loan.
