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Hello,
I got my preapproval letter today and there are few things that i don't understand as i'm taking loan first time....so if u guys have any experience or knowledge abt this, please shed light on this.
In letter they havn't mentioned the amount that i requested (though on phone they confirmed it) so is this usual thing for preapproval letter?
In letter it is written , 'The Margin for the loan that u requested will be 1.0%. The variable rate for the loan u requested will be Prime-1.0%.The variable rate is the sum of the index as defined in ur master promissory note plus or minus the Margin.' Can u explain this statement for me?...like Abt Margin and the actual interst i will pay on the loan. for exp: if current prime rate is 5% then my laon would be 4%. or different
I applied for citiassist health professional loans and in there website it is written that there will be no origination fee,guarantee fee,repayment fee but in the letter there is no such nothing mentioned abt it. But they actually state in the letter tht ' a loan fee as defined in the master promissory note(mpn) in the amount of 0.00% of each disbursement will be added to the principal amount of your loan at disbursement.' Can u explain wht does it mean?
Also,they havn't mentioned abt repayment period instead they mentioned tht look for these in mpn. I havn't select any repayment plan yet nor they asked for it so when they will ask abt these?
And i havn't asked abt these matters yet...so what is the best time to discuss and ask abt these terms?Wht do u think i shd do next?....and what is your opnion abt the rate i 'm selected for loan?....
Sorry for long post and many questions ....i will appreciate ur help.
Thanks!
I got my preapproval letter today and there are few things that i don't understand as i'm taking loan first time....so if u guys have any experience or knowledge abt this, please shed light on this.
In letter they havn't mentioned the amount that i requested (though on phone they confirmed it) so is this usual thing for preapproval letter?
In letter it is written , 'The Margin for the loan that u requested will be 1.0%. The variable rate for the loan u requested will be Prime-1.0%.The variable rate is the sum of the index as defined in ur master promissory note plus or minus the Margin.' Can u explain this statement for me?...like Abt Margin and the actual interst i will pay on the loan. for exp: if current prime rate is 5% then my laon would be 4%. or different
I applied for citiassist health professional loans and in there website it is written that there will be no origination fee,guarantee fee,repayment fee but in the letter there is no such nothing mentioned abt it. But they actually state in the letter tht ' a loan fee as defined in the master promissory note(mpn) in the amount of 0.00% of each disbursement will be added to the principal amount of your loan at disbursement.' Can u explain wht does it mean?
Also,they havn't mentioned abt repayment period instead they mentioned tht look for these in mpn. I havn't select any repayment plan yet nor they asked for it so when they will ask abt these?
And i havn't asked abt these matters yet...so what is the best time to discuss and ask abt these terms?Wht do u think i shd do next?....and what is your opnion abt the rate i 'm selected for loan?....
Sorry for long post and many questions ....i will appreciate ur help.
Thanks!
