I am not sure I know what I mean either. I am flummoxed.
Last edited by Bec; 09/01/17 08:28 PM.
We are trying to disclose a one year, interest only bridge loan and our first payment is showing as a monthly payment with the prepaid interest added on and that is it. Is that how it is suppose to disclose and the borrower is to be told that the payment won't be that high for the rest of the term because there will be no prepaids? Or do we have a setting wrong?
Loan Term:1 Year
Product: 11 Mo. Interest Only, Fixed Rate
Loan Type Conventional
Loan Amount: $195,000
Interest rate: 4.75%
Monthly Principal & Interest: $1,091.19
Projected payments: Year 1: $1,091.19 [/i]only interest[i]
Final Payment $195,786.67
This is on the CD. The loan is set to close on the September 7th. Disburse on September 12th. First Payment date. October 25, 2017