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Late Fees will be charged to borrower at 7% per day, effective immediately after closing date.
In example:
Late Fees will be charged to borrower at 7% per day, effective immediately after closing date.
In example:
$5,000 borrowed + 40% fee: $2,000
$5,000 borrowed + 40% fee: $2,000
= $7,000 due at closing
= $7,000 due at closing
x 0.07(7%) = $490/day late fee due immediately after closing.
x 0.07(7%) = $490/day late fee due immediately after closing.
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