If a lender has a two-month cash-reserve requirement, I must have an additional 4,484 in the bank before closing. This is on top of whatever down payment and closing costs I have to pay. If the lender required six months worth of reserves (as some of them do these days), I would need 13,452 in the bank before I could close. This is a closing requirement, but not a closing cost. I dont have to pay this money when I close on the loan. I just need to have it in the bank. So it still puts a financial burden on me, as a borrower.
If you do not pay your loan according to its terms, your lender may: charge you late fees, send your account to a collection agency, report your information to a consumer reporting agency which may negatively affect your credit score, offer to renew, extend or refinance your loan, which may cause you to incur armstong bank personal loan caculator fees, charges and interest.
We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan.
Ask your lender for their current rates and charges and their policies for non-payment. Copyright 2018 CashOne. All Rights Reserved.
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