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Max Ceiling/Floor Rate for ARM Loan

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Question: 
We are trying to create an ARM loan and it will be ​on a ​15​-​year note with rate change​s​ every 5 years, basically changing twice. Is there a maximum ceiling rate/floor rate we can charge?
Answer: 

Interest rates and interest rate ceilings are a matter of State law.

First published on 10/25/2015

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