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The MI-LOAN Program offered borrowers the option of choosing between a fixed or variable interest rate when they applied for the loan. The selection of a fixed or variable interest rate cannot be changed once the loan has been approved.
A fixed interest rate remains the same for the life of the loan. The monthly payment may be adjusted if: (1) forbearance of principal, or principal and interest, is used, and (2) if payments are not received on the due date.
A variable interest rate is adjusted annually on July 1st. The simple interest variable rate is based on the London Interbank Offered Rate (LIBOR) annual average as of the preceding June 1st, plus 1.50%, with a maximum rate not to exceed the rate permitted by Michigan law. The monthly payment may be adjusted each year based on: (1) the year’s interest rate, (2) if forbearance of principal, or principal and interest, is used, and (3) if payments are not received on the due date.
If you currently have a MI-LOAN Program loan, the interest rate is provided on your monthly billing statement. You may also view this information on the Firstmark Web site by logging into your account.
For borrowers and cosigners in a repayment status and not 120 or more days delinquent, an annual notice of their current monthly payment amount and interest rate is provided by Firstmark each July.
For assistance call 888-643-7521 or e-mail SLP@michigan.gov
All borrower options and benefits are subject to change.