Mortgage Glossary and terms what is loans-like-the-3-1-and-5-1-adjustable-which-have-an-initial-fixed-period-are-quoted-with-3-numbers-as-in-3-2-6-which-would-mean-that-the-first-adjustment-may-be-as-much-as-3-subsequent-adjustments-are-capped-at-2-each-and-the-lifetime-cap-is-6-