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What are lifetime interest rate floor and ceiling caps?

April 26, 2017caps ceiling floor Interest rate lifetime

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What are lifetime interest rate floor and ceiling caps?

2 Answers

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These rates specify the minimum (floor) and maximum (ceiling) amounts to which your interest rate may adjust over the life of the loan as specified in your Adjustable Rate Note and Rider.

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These rates specify the minimum (floor) and maximum (ceiling) amounts to which your interest rate may adjust over the life of the loan as specified in your loan documents.