HELP! | Interest
Rate &
Number of Months: |
Interest
Rate:
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Enter
the interest rate you are applying for on this loan. For instance,
if you are applying for a 5.5% interest rate, enter "5.5" without
the % sign. You will want to enter the decimal number here
so the automatic calculator will work correctly (see the fraction-to-decimal
conversion table below).
Check with your loan officer for an update on today's interest rates for the loan program you are applying for. Different loan programs have different ranges of interest rates available and sometimes change more than once per day. The interest rate you are
applying for may not be available when you lock your loan. Usually
it is possible to lock your interest rate upon first approval and sometimes
upon submission. Ask your loan officer about early rate locks and
how it will affect your loan.
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Number
of
Months: |
Enter
the length of time in months that your loan will run until it is paid off.
If you are applying for a 30 Year loan, enter "360". If your
loan will be a 15 Year loan, enter "180", and so on (see the years-to-months
conversion table below). If your loan doesn't fit the example below,
just multiply the number of years by 12 and enter the result in the "Number
of Months" field on the form.
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