This loan has a variable interest rate that is based on a publicly available index, the one-month London Interbank Offered Rate (LIBOR) published in the The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. Your rate will be calculated each month by adding a margin between 2.03% And 5.79% to the one-month LIBOR. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Your loan has a fixed interest rate that will not vary during the term of the loan.