The check digits enable the sending bank (or its customer) to perform a sanity check of the routing destination and account number from a single string of data at the time of data entry.
Generally, interest rates on FHA-backed mortgages are competitive with conventional mortgages. A quick scan of interest rates for 2012 reveals that FHA mortgages feature rates of about 3.33 percent. The FHA states that the average interest rate for a 30-year fixed loan on a single-family home is about 4.06 percent.
With a variable rate SBA 7A Loan, as market interest rates rise so will the rate on the loan. Letâs take the example of a 10 year loan for $50,000 with interest rates rising by 2%. The maximum interest rate on the loan currently would be 6%, with a monthly payment of $555.10 per month.With a 2% rise in interest rates upon the interest rate reset, the rate would be 8%, with a monthly payment of $606.64.etâs take the example of a 10 year loan for $50,000 with interest rates rising by 2%. The maximum interest rate on the loan currently would be 6%, with a monthly payment of $555.10 per month. With a 2% rise in interest rates upon the interest rate reset, the rate would be 8%, with a monthly payment of $606.64.