(10) Interest rate. (i) Within the an instance where in fact the financing getting refinanced provides an effective fixed rate of interest as well as the refinancing financing will also have a beneficial repaired rate of interest, the rate to your refinancing financing really should not be reduced than just 50 foundation factors below the pace into mortgage getting https://clickcashadvance.com/personal-loans-nc/ refinanced.
(ii) During the an incident the spot where the financing getting refinanced have an excellent repaired interest rate and the refinancing mortgage get a variable price, the rate into the refinancing financing must not be quicker than just 2 hundred basis issues less than the pace for the mortgage being refinanced. In addition, dismiss issues ount only when-
(B) The lower interest rate was produced entirely of dismiss things, write off affairs comparable to otherwise lower than you to dismiss section was put into the mortgage amount, and also the ensuing mortgage balance (including all the fees, settlement costs, and expenditures that happen to be financed) preserves that loan to worthy of proportion off 100 % or quicker; otherwise ( print page 16496)
