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What is the highest rate of interest I can be charged on a mortgage loan?
For licensees and registrants under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA), MCL 445.1651 et seq., and the Secondary Mortgage Loan Act (SMLA), MCL 493.51 et seq., the maximum annual rate of interest allowed to be charged on a mortgage loan is 25%, inclusive of finance charges (APR). If you would like more information on interest rates in Michigan, please see the Michigan Statutory Interest Rate Ceilings on the Department of Insurance and Financial Services website.