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On our Home Equity Application Disclosure it state, ” Please ask us for the current index value, margin, and annual percentage rate.” Below that it states, “Frequency of Annual Percentage Rate Adjustments- However under no circumstances will your annual percentage rate exceed X% per annum, or go below X% per annum at any time during the term of the Plan.” On our Credit Agreement/ Note does the APR have to be within those percentages stated in the early disclosures? Or does our first sentence cover us if they were to be higher?
Thank you!
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