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However, it is important to remember the fact that approval rates might differ between lenders. This provision is beneficial to the Borrower who might wish to reduce interest expenses by paying off the Observe early. Consult a tax advisor or lawyer if no interest or low curiosity shall be charged. For instance, if Scott (the Borrower) has paid two required month-to-month payments under a Notice that will run for five years, and if he then stops making payments when due, Mary (the Lender) can then “accelerate” payment of the Note by demanding cost of the remaining principal balance plus accrued curiosity. Laden with a superb customer support squad that’s bent on resolving any uncertainties or apprehensions proper from the loan software to the reimbursement stage. As a result of these occasions threaten the Borrower’s repayment means, the Lender is allowed to demand fast payment of the whole Note if an “occasion of default” happens.

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