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#1709291 - 06/12/12 03:16 PM Initial disclosure interest rate summary
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Fact - 5 year ARM (closing date 6/12/12) with no caps on interest rate, max lifetime rate is 17.0%
Intro rate is 5.0%
Max rate during 1st 5 years (6/12/17) is 17.0% (cuz no caps. correct??)
Max rate ever (as early as 6/17/12) is 17.0%, correct???

Having a disagreement about this

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Lending Compliance
#1709434 - 06/12/12 06:20 PM Re: Initial disclosure interest rate summary QueenBB
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
Where is 6/17/12 coming from?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1709468 - 06/12/12 07:07 PM Re: Initial disclosure interest rate summary Dan Persfull
QueenBB Offline
100 Club
Joined: Jan 2006
Posts: 190
TX
Oops, should have been 6/12/17... the maximum during the 1st 5 years AND the maximum ever.....as early as 6/12/17.

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#1709485 - 06/12/12 07:34 PM Re: Initial disclosure interest rate summary QueenBB
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
The maximum for both would be reached on 6/12/17 assuming your first payment is due 7/12/12.

If the first payment was due 8/1/12 then the change date would be 7/1/17. It's 5 years from the date of the first payment.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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