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Is a mortgage rate 12.25% more than the normal rate 7.68%

Customer Question

Is a mortgage rate 12.25% more than the normal rate 7.68% legal?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good afternoon. If it is a second mortgage, where the rate is at 12.25%, it could be legal.


  • Interest Rate Limit

    Maximum legal interest rate on loans is 12%

  • Exceptions

    For a second mortgage, the maximum legal interest rate is 18%.