Legal Question in Banking Law in Indiana
is a 6% on a fixed rate loan for 15 years to high . We are thinking about borrowing $50,000 to make some home improvements. The banker has told us that we will have no trouble getting the loan and at the end of 15 years we would of payed a total of $75,000. We own our home and going to use that as collateral. We have 0 credit, NOT BAD CREDIT, just 0 credit. We always payed as we went and never needed a loan before. So my question is: Is 6% on a fixed rate loan for 15 years to high?
Asked on 2/12/11, 11:48 am
1 Answer from Attorneys
Burton Padove
Indiana and Illinois Lawyer, Burton A. Padove
If you are asking whether this rat eis illegal, the answer is no.
Answered on 2/14/11, 4:11 am
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