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 Phrasing the question about the Rate & APR		  New Topic  Reply to Topic
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LindaH

Florida
1754 Posts
Posted - 01/24/2013 :  1:05:42 PM  Show Profile  Reply with Quote
quote:
Originally posted by middleVT

In a sense, no document tells you the interest rate for a variable rate loan, because it hasn't been decided yet for the later years of the loan. So the question should be narrowed down to a number you can always find in any kind of loan.

<i>middleVT</i>


That's not correct. The Note will always tell you the interest rate. In the event of a variable rate loan it IS decided for the later years as it tells you your initial interest rate, how long that rate is will last (1yr, 2yr, 5yr), when the first change date is, how much your rate can change on that first change date (no more than 2 percentage points usually), how often it will change thereafter and how high your interest rate can actually go (never higher than x%). The Note always states your interest rate.

Linda
http://www.columbiacountynotary.webs.com
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middleVT

Afghanistan
38 Posts
Posted - 01/24/2013 :  11:54:49 AM  Show Profile  Reply with Quote
In a sense, no document tells you the interest rate for a variable rate loan, because it hasn't been decided yet for the later years of the loan. So the question should be narrowed down to a number you can always find in any kind of loan.

<i>middleVT</i>
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LindaH

Florida
1754 Posts
Posted - 01/24/2013 :  06:12:51 AM  Show Profile  Reply with Quote
Be more specific? Ask "Loan Interest Rate" - so it can't be confused with any OTHER interest rate that may be reflected throughout the package (annual percentage rate, percentage of late fees, etc).

I like (A) - but with "loan interest rate" inserted.

Just a thought.

Linda
http://www.columbiacountynotary.webs.com
Edited by - LindaH on 01/24/2013 06:14:13 AM
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jbelmont

California
3106 Posts
Posted - 01/23/2013 :  10:47:37 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
We give this test to many, and people complain about the wording. Basically, the RATE or Interest Rate is ALWAYS on the Note. A handful of lenders put it on the Truth in Lending as well. However, when we ask notaries where the BEST place to find the Rate is, they say the TIL half the time.

Newsflash, the TIL only has the rate 30-40% of the time, hence it is not a very reliable or (BEST) place to look. But, the notaries don't like the way we asked the question. Perhaps it is just a sad excuse for not knowing the basics about the profession they have committed themselves to?

How about:
(a) What document can you ALWAYS find the Rate on?
(b) What is the most RELIABLE place you can look for the Rate?
(c) Which document can you find the rate that shows up EARLIEST in the stack of loan documents?
(d) Which document is the BEST place to look for the Rate

Which way of asking this question do you like BEST?
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