A friend of mine who is in the military told me about the SCRA and that you can get interest rate on loans reduced to 6% when you are in service or on active duty in the Reserves. Is this for real?
Untitled
Very much so. Section 527 of the SCRA says that if you have an obligation or liability (like a mortgage) with an interest rate more than 6 percent per year that you or you and your spouse had before you entered military service, that rate is reduced to a maximum of 6%.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Very much so. Section 527 of the 