Provident offers a variety of both fixed and adjustable rate loans to suit your needs. If the rate quoted is for an adjustable rate loan, ask how much your rate and loan payment may vary. When the rates on an adjustable-rate loan increase, the monthly payment usually increases as well. Provident has caps that prevent its adjustable rates from rising too fast or too high. In addition to the rate, the APR also takes into account the points, fees and other credit charges you may be required to pay.
Points Points are loan fees paid to the lender or broker and are often linked to the interest rate.
Under most circumstances, the more points you pay, the lower your rate will be. A home loan involves fees, such as loan origination or processing fees, and transaction, settlement, and closing costs. Some fees, such as application and appraisal fees, are charged upon submission of the loan application. Other fees are paid at closing. Ask for a good faith estimate of fees.