i am looking to buy but i just want to know the highest the interest could be
2007-01-07 14:33:00 · 5 answers · asked by Ms.DaSilva 3 in Business & Finance ➔ Renting & Real Estate
You are protected by the government and your state regulations. The highest APR is determined by the index of the 15th of the month prior to application. I won't bore you with the formula but in most states right now the highest APR is about 12-13% (some states are lower). This of coarse is based on current market and as interest rates rise, this will go up as well. :-)
2007-01-07 14:46:19 · answer #1 · answered by Anonymous · 1⤊ 1⤋
There are usary laws set by the Federal Government. The last I checked, 17% is the highest interest rate any lender or investor can charge you.
Check with the banks and credit unions in your area, most mortgages today are short-term with rates that may vary after the term.
2007-01-07 22:22:00 · answer #2 · answered by Barbara 5 · 0⤊ 0⤋
It is around 10% simple interest till the starting of the repayment. After that it becomes compound interest. The rate of interest slightly varies from Bank to Bank
2016-05-23 07:01:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Stephanie was right. And if any other lender would try and charge you a higher rate, it's called predatory lending. Don't stand for that - get a good loan from a direct bank.
2007-01-07 16:12:15 · answer #4 · answered by amy23 3 · 0⤊ 2⤋
Cap is at 15%
2007-01-07 14:53:57 · answer #5 · answered by CEESONE 4 · 0⤊ 0⤋