What is my Note Rate & Effective Rate?
Your Note Rate is shown on the Note and Amortization Schedule included with your loan documents. The rate stated on the Note does not include the SBA, CSA and CDC servicing fees (see FAQ #7); however, the “Effective Rate” as referenced in your Notification of Funding letter does include these fees. Although the interest rate on the Note is fixed, payments are lowered every 5 years as the fees are adjusted.
