Principal Limit calculation

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Principal Limit calculation

Post by Admin on Fri Feb 24, 2017 1:21 pm

RV automatically sets the closing date of the loan 60 days from the application date.
If the borrower's birthday falls within 6 months of the closing date the current age will be used to calculate the Principal Limit percentage.
If the borrowers birthday falls after 6 months of the closing date, then Principal Limit is calculated on the borrower's next birthday.
If your closing date is within 6 months of the youngest borrower's birth, CHECK YOUR CLOSING DATE in preparing the proposal and application (especially where the proceeds are thin) to project an accurate PL.
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