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Installment loan secured by SFR vs a mortgage loan

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dge1449368 Joined: 11 Sep 2010 Posts: 1 1.00 Dollars($)	Posted: Sat Sep 11, 2010 5:21 pm    Post subject: Installment loan secured by SFR vs a mortgage loan Like 0 Dislike 0 Is it legal for a BANK to make installment loans to consumers secured by SFR rather than making a traditional mortgage loan secured by the SFR? If the Banks make installment loans secured by SFR, don't they get around the interest rate restrictions which apply on traditional mortgage loans?
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Sun Sep 12, 2010 9:54 pm    Post subject: Like 0 Dislike 0 Hi dge, The rules and guidelines for providing the installment loans and traditional mortgage loans are different. The interest rates would be different for paying off such loans. If the bank has informed the borrowers about installment loans, then they can go for it. It won't be considered as illegal. _________________ Procrastination is the enemy of your financial success

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