Indiana § 28-15-11-15 Restrictions on graduated payment adjustable mortgage loans

Indiana Statutes

§ 28-15-11-15 — Restrictions on graduated payment adjustable mortgage loans

Indiana·Art. 15 SAVINGS ASSOCIATIONS·Ch. 11 Alternative Mortgage Loans of Savings Associations

A savings association may make graduated payment adjustable mortgage loans subject to the requirements set forth in section 14 of this chapter, except that:

(1)the amount of the scheduled monthly payment at the beginning of the loan may be insufficient to fully amortize the loan; and

(2)during a period of not more than ten (10) years beginning with the closing date of the loan, the scheduled payments must rise sufficiently to amortize the loan at the then existing interest rate and principal balance over the then remaining loan term, and thereafter the monthly payments must be adjusted every five (5) years to a level sufficient to fully amortize the loan.

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A savings association may make graduated
payment adjustable mortgage loans subject to the requirements set
forth in section 14 of this chapter, except that:
(1) the amount of the scheduled monthly payment at the
beginning of the loan may be insufficient to fully amortize the
loan; and
(2) during a period of not more than ten (10) years beginning with
the closing date of the loan, the scheduled payments must rise
sufficiently to amortize the loan at the then existing interest rate
and principal balance over the then remaining loan term, and
thereafter the monthly payments must be adjusted every five (5)
years to a level sufficient to fully amortize the loan.

Indiana § 28-15-11-15 (Restrictions on graduated payment adjustable mortgage loans) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.