Trying to find out more information on this to share with the broader community.
I have seen (and experienced) that some banks will cap the SCRA rates at 4% instead of 6%. Here is what i have found so far.
Navy Fed – all rates capped at 4%
USAA – all rates capped at 4%
Bank of America – mortgages (by BOA) capped at 4%, all others capped at 6%
Capital One – all rates capped at 6%
I accidentally stumbled on some info (from experience) that rates can be capped at lower than 6% if the bank chooses to do so. I wasn’t originally aware that multiple banks capped rates lower than 6%.
If anyone else is aware of banks that cap rates at less than 6% for mortgages and loans, please share! I would love to see all the opportunities and share with the broader community.
Posted by Smurfsss