BankingQuestions.com - Can Fixed Rate and Per Diem Go Together?

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Can Fixed Rate and Per Diem Go Together?

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Can I have a fixed rate of interest and a per diem on a HELOC?

Certainly. The per diem is not an interest rate. It is the amount of interest earned each day on a loan, calculated using the annual rate divided by 365 and multiplied by the current loan balance.

Published on BankingQuestions.com 6/16/09

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