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- 1 YR LIBOR – Interest rate is Fixed for the first year and adjusts annually thereafter. For example, a 1 YR LIBOR with a 2.5% initial rate could only raise to a maximum lifetime interest rate of 7.5% while annual rate increases are limited by a 2% cap.
- 1 MO LIBOR – Interest rate adjusts monthly for the life of the loan. For example, a 1 MO LIBOR with a 2.5% initial rate could raise to a maximum lifetime interest rate of 12.5% There are no annual adjustment caps.
- FIXED – Interest rate is fixed for life of loan. Recommended product for paying off high mortgage balances & new home purchases. Minimum 60% utilization.
* Open-End – Any payments paid to principal are retained for future use