Principal Limit calculation
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Principal Limit calculation
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.
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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