| Title: | DCU |
| Notice: | 1996 BoD Election results in 1004 |
| Moderator: | CPEEDY::BRADLEY |
| Created: | Sat Feb 07 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1041 |
| Total number of notes: | 18759 |
I have searched most of the notes for the answers to these questions
with no success.. Maybe someone can answer them for me.
1) When you pay on the PRINCIPLE only, does the DCU calculate
the interest on the new balance ? I guess a better way to
phrase this question is, how does the interest get
calculated ?
2) How often does the DCU increase the interest rate ?
In the 18 months I have had a HELofC, it has increased
three times.
3) Is there a maximum interest rate they can charge ?
Thanks in advance for any help anyone can give me..
Jim Stevens
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 149.1 | say some more | REGENT::MERRILL | Glyph it up! | Tue Jan 03 1989 08:12 | 13 |
re: .0 - Assuming you are talking about paying the principal portion
of a loan payment (mortgage or otherwise), the interest is calculated
on the outstanding balance, including any unpaid interest portions.
Some variable rate loans allow for adjustment of the rate every
six months, which in your case of 18 months would indeed be three
adjustments/increases.
What is a "HELofC" pray tell?
RMM
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| 149.2 | Thanks | DNEAST::STEVENS_JIM | Tue Jan 03 1989 10:39 | 8 | |
Home Equity Line of Credit....
DCU Second Mortgage.....Sort of...
Thanks..
Jim
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