MD high cost loan calculation in effect | max apr
Posted Apr 21, 2009 @ 5:37 pm, Viewed by 2017 Visitors, Read 2037 Times.Maryland's new high cost test has gone into effect.
The max APR spread will be reduced to 1.5%. This means that the APR on the new loan cannot exceed the prime offer rate by more than 1.5%.
The prime offer rate can be found at the below link as well as the calculator Maryland uses to calculate the spread.
You can plug your APR into the link below to determine whether it will be in compliance with Maryland's new law. If it tells you your spread is > 1.5%, then that APR will be out of compliance.
You can plug your APR into the link below to determine whether it will be in compliance with Maryland's new law. If it tells you your spread is > 1.5%, then that APR will be out of compliance.
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