Homeq Knowledge
New York,#2UPDATE EX-employee responds
Fri, February 29, 2008
As stated before, HomEq does not control you interest payments. They just follow the terms that were agreed to by you and your lender when you took out the loan. The way your interest is calculated: LIBOR Index Interest Rate (what you hear about on the news) is added to: Margin Interest Rate (which you can see in your original loan documents) Example: LIBOR = 4.5% Margin = 6.75 % Your interest rate could be 11.25% Perhaps the reason you were charged so much interest when you sold is because you had a prepayment penalty on your original loan documents.