What is the Real Interest Rate of that Loan?

Have you ever been presented with a great interest rate, only to find at the last minute you're being asked to pay excessive fees at closing? Sometimes they're called "Application Fees", "Success Fees" or "Origination Fees" and can easily total several thousand dollars.

Whatever they are called, they represent an additional cost, over and above that great interest rate you were quoted in the beginning.

So what should you do? Any reputable company should be able to provide you with a firm lease or loan proposal in writing. That proposal should clearly spell out the amount financed, the monthly payments, any up front or end-of-term payments that might be due, and ALL additional fees that might arise.

If you have a proposal in hand, give us a call to compare. We are happy to prepare an amortization table for you and help you fully understand the true rates.
 

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