Commercial Property Loan Calculator Singapore
Commercial Property Loan Calculator Singapore

Commercial Property Loan Calculator Singapore

You’ll must pay appraisal charges and toxic report costs, and these do not come cheap. If you are turned down and need to start out a brand new application, you may have to pay for all of those third-celebration reviews again. To make the sport even riskier, there are many impostors masquerading as direct commercial lenders, and they’re solely excited about ripping you off to gather the exorbitant application charges.

Pre-cost penalties differ per lender but typically range anyplace between 2 and four % of the loan. The reason for this is to guarantee the financial institution makes cash, even when you resolve to take your business elsewhere. Banks typically refer to this as a revenue calculation or danger calculation. Not all pre-penalty clauses will harm you, especially in case you have a good rate of interest and plan on paying off your mortgage all the way in which to the top of the mortgage term.

Proof should be demonstrated that the company will have the ability to earn enough cash to pay again the loan. Since so many companies fail, lenders have safeguards in place to guard themselves from unwelcome monetary scenarios.

Commercial Property Loan Calculator

Once an appraiser conducts a standard actual estate appraisal, he seems at the market worth of the house or property. The market worth is predicated off of what different properties in the same worth vary are promoting for.

If you abruptly find yourself unable to meet the phrases of a mortgage agreement, in particular an upcoming balloon fee, the very first thing you need to do is contact your lender. Your lender could possibly talk about reimbursement or loan restructure choices with you. You can also be eligible for refinancing so that you can remove the balloon payment and get right into a loan settlement that’s inexpensive for the long term. You will have to find out if there are specific stipulations on the loan. In some mortgage phrases you’ll be able to repay the steadiness of the loan minus the balloon fee if the balloon is not due throughout the subsequent few funds.

There are additionally 7(a) and 504 loans available via the small enterprise administration. These loans assist with financing for actual property, inventory, tools, enterprise acquisition startup prices and partner buyout’s. Generally, once you begin the applying process, you possibly can expect to receive a preliminary answer or preapproval that very same day or the following business day.

Commercial Property Loan Calculator

This signifies that the borrower pays on his 30-yr mortgage as usual for a couple of years with principal and interest payments, and then he’ll should repay the entire stability in a single fell swoop, or one balloon payment. First, the principal and interest payment, or P & I, accounts for precisely that – the stability of the sum owed towards the mortgage quantity itself, and the APR owed on that sum. This P & I determine doesn’t embody taxes, insurance, or another industrial property ownership charges. This is essentially the most fundamental cost number, and one that represents how most debtors will cut back the quantity on their mortgage.

With UOB Commercial Property Loan, you’ll be able to get pleasure from aggressive rates of interest and benefits. With greater curiosity savings, you can have the freedom of channelling your funds into constructing your corporation. ~For enquiries that reach UOB inside the Stipulated Timing, we will contact you by the following Business Day with an indicative mortgage amount that you could be apply for.

Lenders are in the enterprise of poaching clients from one another by way of refinancing. Clauses that add to the problem of such transactions are dangerous for enterprise. You can avail a Commercial Property Loan for a maximum time period of 15 years or until your age of retirement ,whichever is decrease. II. Upon the expiry of the primary six months and up till 36 months, the borrower shall have the choice to prepay as much as 25% of the opening principal quantity every monetary year, of the loan, without any prepayment charges. Such prepayments would must be made for the personal sources of the Borrower.

Commercial Property Loan Calculator

With HSBC Investment Property loan, you’ll be able to get pleasure from competitive rates and advantages. Lenders present loans predicated upon the expectation that they may receive all anticipated curiosity over the life of stated loan. With so many dangers inherent to these transactions, banks need to make sure that they may get their cash. As such, together with early repayment penalties occurs in nearly each industrial mortgage. It just isn’t sufficient to have a longtime credit historical past or a strong business plan.

Include the final 24 months of filed tax returns for your complete family. Your loan officer might require more info or less, depending on the appliance process. Appraisal Charges- The appraisal is a crucial a part of the complete business loan process. A commercial real property appraisal can price several thousands of dollars as a result of there is a lot input that’s needed for a correct evaluation. Depending on how giant the property is and the way what sort of property is being acquired at closing, the appraisal can quickly accumulate a number of hundred dollars of hidden or unexpected costs.

The lenders also like funding properties where there’s a lengthy lease in place with a good tenant. The amount of cash being borrowed can affect the rate of interest on a business mortgage. The bigger the mortgage then usually this will imply a lower rate of interest. This is due to the prices of operating the mortgage account, the next interest rate perhaps required on a small facility so as to cowl the costs involved and for the lender to make a profit. – Whether or not a personal guarantee is available could well have an effect on the interest rate and terms of the loan.

Commercial Property Loan Calculator

Banks additionally undergo rigorous credit score requirements to assure that payments are made on time and reported to all three credit score bureaus including TransUnion, Equifax and Experian. In this situation, which is far more common amongst industrial actual property than residential, the principal is left unpaid in full till the absolute maturity of the loan.

One main benefit of financing through an organization must be the fact that it lets you borrow beyond your personal loan capacity as TDSR just isn’t considered for working companies with core companies. Unless of course you apply for another mortgage from the identical bank which finances your commercial property underneath firm name, because the bank would need to issue your director assure on the loan in its loan calculation. Conditions- The bank will be sure that they feel you’ll be able to meet the situations of the mortgage, together with the payment and any future balloon fee if relevant. They may consider your previous, current or potential buyer base, liabilities and space opponents.

There could also be some mortgage terms as set forth by the lender in the agreement. This means if you determine to repay the loan or cash it out previous to the tip of the term, you could face pre-cost penalties.

Commercial Property Loan Calculator

Commercial mortgages are extra unstable since businesses are more likely to fail than shoppers are to fail to make payments. This is a loan for purchase of a new or current office or clinic as well as for extension, enchancment or development of an workplace or clinic. An current Commercial Property Loan from any other bank/financial establishment can be transferred to HDFC. A mortgage reimbursement calculator also helps customers to find out the financial implications of modifications in one or more variables, such as rates of interest.

Also, you have to reveal that you just don’t have important debt already. The lender will study your income and compare it to your outstanding debt. You will in all chance only be licensed for a month-to-month cost that is 28 % of your income. Your debt to income can’t be larger than forty five percent in most instances to qualify.

Don’t be fooled by a low interest rate if there are too many fees concerned, including however not restricted to authorized fees, utility fees, appraisal charges, and survey costs. It could appear complicated at times, but keep in mind that “factors” are percentages that the lender pockets off the highest.

Commercial Property Loan Calculator

If you make all your funds on time, your bank reports will mirror that. In flip, this can improve your credit rating and make it easier so that you can qualify for loans in the future. There are another disadvantages to non-bank industrial property borrowing, namely the excessive expectations of the lender. If you don’t generate an anticipated revenue, a nervous personal lender could pull the plug in your funding. Until he sees a return on his investment, he might even begin taking possession of items you posted as collateral.

Each bank might need totally different rates of interest but there are many different factors that affect the charges quoted. This consists of the credit profile of the borrower, industry nature and size of the mortgage quantum. 2 completely different corporations would possibly receive different rates from the same bank. Financing of business property in Singapore is primarily supplied by solely a handful of lenders, in contrast to residential properties. The rates of interest are usually of a lot higher spreads especially after the lock-in period which makes “thereafter” rate a more necessary consideration.

The mortgage is then scrutinized by underwriters, and these are seriously choosy folks. They want to meet you (and typically your corporation associates) earlier than deciding if they should lend you cash. Once the loan utility has gained the approval of the underwriter, you simply hammer out the terms and signal on the dotted line. Although many lenders boast that they will push a business loan via in forty five days or much less, it normally takes nearer to a few months. In the world of enterprise real estate financing, lenders anticipate the borrower to repay the entire business advance sooner than the due date.

Commercial Property Loan Calculator

There are several ways to finance your business together with savings, investments and utilizing equity from your home or other belongings. Chances are you’ll have to acquire a business mortgage so as to give you the borrowing energy to fund your stock and pay for receivables. The first step in getting your corporation off the ground is getting approval by way of a lender. You will have to make sure that you have a good credit rating and a stable history of credit score worthiness. When you shop for a enterprise loan, interest rates are only one part of the massive picture.

Commercial mortgages differ from traditional mortgages in that there are extra gadgets listed underneath the phrases of the loan. This implies that all of the buildings, furniture, stock, as well as start up costs are included as part of the loan proposal. A traditional mortgage usually simply lists the property, constructions, dwelling and generally different larger property features. For a conventional mortgage mortgage, provisions are easy and funds are primarily based off the present interest rate or if it’s an adjustable rate mortgage, the payments may fluctuate. One thing a financial institution can do as opposed to a non-lender is consolidate a number of existing loans that may presently finance your equipment, equipment, stock and vehicles.

But a balloon loan could be a recipe for catastrophe, especially if the borrower just isn’t prepared when the balloon cost comes due (normally after 3, 5, or 10 years). Remember that the lender is maintaining one eye on the borrower’s enterprise and cash flow. If it seems to the lender that the enterprise isn’t doing well in the years main up to the balloon fee, the lender may jack up the interest rate or flat out refuse to refinance.

Commercial Property Loan Calculator

IPA refers to an approved loan amount given by the financial institution based mostly in your credit report and knowledge declared. It just isn’t a binding document and is subject to other checks in the software process including property valuation. Before you determine on the type of mortgage and mortgage repayment, it is necessary that you simply familiarise yourself with the varied phrases similar to reference rates, lock-in period, and so forth. As SIBOR rates are the identical across banks in Singapore, banks usually differentiate their SIBOR rate loans by providing completely different spreads and incentives. For instance, Citibank and HSBC’s 1-month presents a margin of 0.20 to zero.50 percent, while Standard Chartered Bank’s 1-month SIBOR supplies a margin of zero.20 to zero.25 p.c (earlier than Year four).

Things to think about embrace the mortgage quantity, certified interest rate, term of the loan and any additional prices to the monthly payment. These calculations will tell you how much your month-to-month payment will be and how a lot interest you may be paying on the loan over its lifespan. If you are looking to begin up your individual enterprise, there are several elements that must come into play earlier than you can transfer ahead towards a successful future. One thing to think about is the way to finance your business and get product and companies transferring.

If the owners or administrators are unwilling to offer a private assure, even a restricted one, this can be appeared upon unfavourably by a lender. Interest rates for business mortgages don’t are usually set based on Loan to Value, as they usually are with many residential mortgages. In most situations, lenders do not thoughts early repayment of home loans. Occasionally, a contract features a clause that there will be a slight penalty, but such a situation is the intense exception.

Commercial Property Loan Calculator

“Business Day” is outlined as Mondays to Fridays (Singapore date and time, and excluding Singapore public holidays). “Stipulated Timing” is outlined as 8am to 8pm from Mondays to Saturdays (Singapore date and time, and excluding Singapore public holidays).

With UOB Commercial Property Loan, we are able to finance as much as eighty% of the acquisition worth or valuation of your property, whichever is lower. 2 Subject to the full terms and circumstances for a UOB Property Loan, and internal credit policies. Capital- Your total internet price and equity play an necessary part in how your loan circumstances shall be wrote up by the lender. This means if you have a considerable amount of liquid cash or collateral to offer the financial institution as a down fee, your probabilities of getting approved are greater.

This means that in case your financial situation changes that funds could be lowered in interest rates adjusted if need be. The drawback of going through a nontraditional lender is that the charges and provisions that were set in place before borrowing money typically stand whether the loan is paid off early or not.

Commercial Property Loan Calculator

While a balloon fee may help you get your business started with preliminary lower loan phrases, the fee can even come again to bite you, down the road. This occurs when a large sum of the debt abruptly turns into due, placing a burden on the business and the borrower. This could be financially crippling and in some instances does not make sense if the funds are not readily available to pay off the phrases of the loan. If your corporation just isn’t steady or has been experiencing financial setbacks, a balloon payment might result in a downward crumble of not having the ability to pay again the loan in addition to other enterprise and personal bills.

This sends a powerful message to your lender that you want nothing greater than for your corporation to succeed and are prepared to invest in whatever it takes to make it work. As part of the underwriting process, bankers usually have a risk evaluation already in place to determine if they need to grant a mortgage. Once credit scores have been run and documentation has been verified, they take one last take a look at the financial plate of the borrower to resolve if they really should take a threat and construct a enterprise relationship. Financial Records- Your monetary history should match all of the information that you simply present in your credit score software. Provide the final 24 months of W-2 or W-9 types, any self-employment tax types and documentation, your current pay stubs and your bank data in case you are self-employed.

For enquiries that reach UOB at occasions apart from the Stipulated Timing, we will contact you inside two Business Days after UOB receives your enquiries, with an indicative loan amount that you may apply for. Accordingly, the precise approval of the UOB Business Property Loan software is topic to the submission of the required full and complete documentation as UOB might so require at its discretion and UOB’s credit score evaluation.

Commercial Property Loan Calculator

Either consolidation is an possibility or working to lower rates of interest by offering a future balloon fee could also be a viable different to paying a number of loans at once. A financial institution or federally funded monetary establishment will be capable of efficiently back up the cash you should get your small business began. This is one profit to going via a financial institution for a commercial loan versus a non-lender or non-public lender. In many circumstances, a non-lender will only provide you with so much money at a time to work with. If you might be permitted for a specific amount through a banking institution, funds must be immediately obtainable.

Often times the lending institution or mortgage broker will order a business appraisal versus the borrower. Part of the appraisal course of must include a conditional commitment letter or term sheet signed by the financial institution. This is an effective faith letter showing that the borrower has met the pre-approval criteria for loan approval. With each a business mortgage and a home mortgage mortgage, the appraisal is a vital part of the approval process. The difference between the 2 is that a commercial loan appraisal can take as much as 30 days longer than a standard mortgage appraisal.

It is necessary to understand the terms of the mortgage and how your corporation may change within the close to future to ensure it is possible for you to to make the funds & do not danger shedding your business. If the category you might be in, the broader financial system or your business flip south throughout any level within the mortgage you can find yourself losing your business except you’ve a savings cushion & a plan to outlive soft patches. This calculator will compute the payment quantity for a business property, giving payment amounts for P & I, Interest-Only and Balloon compensation methods — along with a monthly amortization schedule. Refinancing your business property loan after your lock in interval might offer you 1000’s of dollars in financial savings. The BR can be modified by the financial institution anytime, by giving 30 days’ discover, relying on market conditions and/or changes within the monetary indicator(s) against which the BR is benchmarked.

Commercial Property Loan Calculator

You might lose a lot of time and money invested she the case go to court. By selecting a financial institution, you have sure rights given the phrases of the mortgage that may assist protect you need to you be late on a fee or your monetary scenario adjustments. Another advantage of going through a financial institution versus a non-lender is that the terms of your loan can be re-wrote or reformatted at any time.

With a complete suite of financing options and enticing charges, let our Commercial Loans Specialist help you get the mortgage you need. You could use our Business Property Loan Affordability Calculator to find out the indicative month-to-month installment payment of your corporation and commercial property loans. UNITED Overseas Bank (UOB) on Thursday launched a free online property mortgage calculator to help householders decide their whole debt servicing ratio (TDSR) for mortgage loan applications. Survey Charges- Most usually a survey of the property will have to be accomplished. A survey includes field staking of utilities, constructing offsets, parking tons, curbs, gutters and driveways.

UOB Business Property Loan offers financing possibility for SMEs looking to buy business/industrial property or refinancing their existing trade/business property loans with other banks. The tool was developed after the bank present in an earlier survey that one in three homebuyers had been unaware or didn’t perceive the TDSR criteria for property loans.

Commercial Property Loan Calculator

The prospect of the realty going into foreclosures is all the time a concern with balloon loans. Firstly, it’s necessary to grasp one of the fundamental differences between industrial property loans and residential mortgages. While residence loans are typically backed by a government entity like Fannie Mae or Freddie Mac, loans for business properties usually are not. Whether to own, refinance or simply for investment, OCBC offers probably the greatest industrial and business property loans in Singapore.

Owning a house and proudly owning commercial property are very various things. Home mortgages are comparatively protected investments for lenders while industrial loans are chaotic and threat intensive. Understanding the differences between the two transactions ought to empower you as a potential borrower in either capability. Since the business world strikes fast, lenders usually are not interested in such prolonged phrases for business transactions. Only in essentially the most unusual of circumstances is lower than 20 percent acceptable.

Were lenders to move on such charges, they’d regularly lose out on potential features in a danger-intensive trade, which is counterproductive to their objectives. Due to the intense nature of this variation in danger, mortgage terms are vastly totally different for commercial mortgages as opposed to house loans. In the present market, you usually would make a small down cost of as little as 3 percent however often 20 p.c. You will need to have a adequate credit score rating that the lender is comfortable coping with you.

Commercial Property Loan Calculator

Adjustable Rate Loans- If your business loan bundle is a part of an adjustable rate, there might be some hidden charges concerned. Adjustable rate implies that your rate of interest will fluctuate because the rate of interest adjustments. This means that the payments on your loans over time might increase or lower. There may also make sure charges involved when this alteration takes place—be sure to ask your lender about these hidden fees in case your loan has an adjustable fee. Having a financial institution that stories all your on-time payments and credit limits will maintain or improve your overall credit rating and credit ranking.

The actual property appraiser might look at a previous appraisal, if available and evaluate it with any improvements that have been made since then. The appraisal is then used as part of the final choice course of for mortgage approval. Commercial loans funded by banks can be used to make particular purchases and financing may be reorganized as further wants may occur.

After all, the rules of enterprise are different from those for an individual. While each events need to pay the bills to keep the lights on, cash lenders perceive that there’s nuance between these two types of loans. Here is what you need to know about the similarities and variations between commercial mortgages and home loans.

Commercial Property Loan Calculator

The interest rate you pay is set by a number of factors, such because the bank you loan from and the type of mortgage loan you are taking. The financial institution with one of many highest rates of interest is CIMB Bank – their SIBOR pegged mortgage (3M) is offered at 3.26 percent for the first yr, with a lock-in interval of two years. There are con males lurking in all places, and the slick enterprise actual estate lenders who greet you with a contract in one hand and a pen within the different are to be avoided. You ought to receive a preliminary answer or pre-approval the same day or the next business day, however this doesn’t guarantee that your mortgage shall be accredited. The lender wants 10 to twenty additional business days to run detailed financial reports and in-depth credit score checks.

A topographic survey and boundary survey must be offered to the lender and filed appropriately. Depending on if the loan is for brand new development or existing construction, charges can come up as inspections continue to happen. The commercial mortgage appraisal will take into to consideration a lot more than simply the property worth. It will also embody issues corresponding to both the insurable worth and liquidation worth of property.

In the fields offered, enter the dollar quantity of the loan, the annual interest rate hooked up to that loan, the amortization time period in years, and the loan term in months. Press CALCULATE, and you’ll see payment amounts for P&I, curiosity-solely, and balloon fee plans. Click on “Create Amortization Schedule,” and you’ll be provided with an in depth month-by-month cost plan. Self Employed persons like Doctors,Lawyers,Chartered Accountants and Business Owners can avail a Commercial Property Loan for buying an workplace or a clinic. The obvious advantage of acquiring your mortgage via a standard bank is the rigorous reporting system it presents.

Commercial Property Loan Calculator

You additionally want to think about how a lot you’re borrowing and the way lengthy you’ll must pay it back. The Bankrate.com business loan calculator helps you answer all those questions and extra. Our calculator has been created to give you an approximate guide to the costs of a business mortgage.

A conventional bank can also be a safer approach to access as well as handle your mortgage funding. Utilizing your checking account, ATM card and private withdraw when you want it, makes it a safer way to entry, monitor and manage your money. You can also write checks and pay for bills out of your industrial mortgage account. Writing checks and automatic withdraws are not feasible if you’ll a non-lender or non-government-backed financial establishment. Buying a place to construct your small business or refinancing your present business property mortgage(for people only)?

This doesn’t guarantee mortgage approval or the road of credit score they are going to be providing you. Several things together with operating monetary historical past reports, more in-depth credit checks and reference checks might take up to 10 to twenty business days. Once everything is in place, the mortgage then goes to underwriters who will rigorously decide on a head to head basis in the event that they feel they need to lend to you. In some cases, they might need to meet you or different traders who will be contributing towards your business targets financially. Once it is approved via underwriting, the next step is organising the mortgage terms and signing the final mortgage documents.

Commercial Property Loan Calculator

Even in the event that they don’t advertise good industrial rates of interest, they may be able to offer you particular financing simply because you’re a current customer or have banked with them prior to now. Every circumstance is completely different and it is important to inquire earlier than you determine to apply. Depending on the rate of interest you qualify for based on your credit score score and past credit score history, the loan officer will calculate how much of a loan you’ll qualify for.

We work with a lot of lenders who provide completely different charges, calculate curiosity in different ways, and have totally different fee constructions. – The lenders will think about who will be utilizing the industrial property. The property owner working a worthwhile business from the security property is usually most favourable.

If your rate of interest is 9 p.c with two points, the actual value of borrowing the money is eleven p.c. This device figures payments on a commercial property, providing payment quantities for P & I, Interest-Only and Balloon repayments — together with offering a month-to-month amortization schedule. This calculator mechanically figures the balloon payment based mostly on the entered loan amortization period.

Commercial Property Loan Calculator

You in all probability have already got a working understanding of what a house mortgage is. It is a contract between a lender and borrower that establishes that as long as the latter celebration makes well timed payments for a contractually stated period of time, the former party will give them a property deed in the end. Simply said, a home mortgage is when an individual borrows cash from a financial institution. Understanding the difference between commercial mortgages and home loans can seem tough.

For instance if your business grows right into a franchise, a bank can simply acknowledge these needs and give you the additional working capital that you just want. A financial institution will be capable of refinance your complete loan so that you can pay off your partner and transfer on independently. There are many various monetary establishments that can lend to you when you qualify. If you could have a financial establishment that you have banked inside the past, they need to be your preliminary contact.

Non-bank lenders (such as silent buyers, for example) are often much less strict about their eligibility requirements, and plenty of are keen to loan you money with out together with the early balloon repayment stipulation. In reality, these loans are similar to house advances in that they give you a gradual compensation plan spread out over 20 or 30 years.

Commercial Property Loan Calculator

In addition, the corporate’s loan to value ratio has to amount to eighty p.c as proof that the new investment is inexpensive. This is a mortgage that a enterprise acquires in order to personal property in an space zoned as industrial. Whether the business intends to take up residence on the property instantly, construct on the land, or simply hold it for a chosen period, the bank’s perspective is still the same.

These stipulations are at all times set in place previous to the final phrases of the loan being introduced to the borrower before signing. With a balloon fee, it means that you will have to pay a lump sum of cash at specified instances during the lifetime of the loan or on the end of the loan. The term “balloon” was given its identify due to the blown-up or large sum of money that pops up inside a mortgage agreement. These phrases vary per lender and are sometimes seen whenever you do a land contract or seek a personal, different commercial mortgage.

Particularly with small business loans, interest rates must be cheap to help the borrower defend his backside line. Find out what the experts suggest for getting nice rates on small enterprise loans and features of credit. From small business loans to giant business loans, rate estimate instruments like the Bankrate.com calculator assist businesses make a plan to spend money on themselves. Take the enterprise loan and rate of interest calculator for a test drive right now. The payment reduces on an annual basis because the bank acquires extra of the promised curiosity.

Commercial Property Loan Calculator

At this level, there may be one giant cost left for the borrower to make – the “balloon”, so to talk – that concludes the lifetime of the mortgage and exempts the payer from any future obligations to it as soon as it is paid. Balloon fashion loans might both have fastened APRs or adjustable, floating rates of interest, depending on their brokerage and origination and related charges. Depending on the dealer you select, these factors might embrace mortgage time period size, kind of rate of interest, APR itself, style of amortization (or maturity), monthly cost and mortgage closing prices.

Maybe part of your business loan bundle features a balloon payment. A balloon fee happens when the lender decides that they need a lump sum of cash at some course over the lifetime of the mortgage.

Failure to pay off a balloon fee can result in the mortgage accelerating and becoming due and payable immediately. In some instances, the bank will try to collect on the loan and expect all excellent funds to be due, otherwise foreclosure might take place. Property appraisals usually observe the basic standards of mortgage approval for each kinds of loans–residential and commercial. A residence appraisal is exclusive as a result of every real estate transaction is completely different as a result of situation of the home and property at face worth.

Another benefit to going through a bank is that they are often backed by government-sponsored mortgage guarantees. This means should one thing happen with the financial institution or the business gets bought out at anytime through the life of your mortgage, the government will assure cost to you that funding is available.

If you as an alternative wish to calculate for a identified ending balloon cost, please use our balloon loan calculator. Due to a change in scenario and needs, borrowers may have to decouple their commercial property loans. Borrower A will purchase over borrower B half share of the industrial property. mortgages from over 23 banks and finance homes for the finest and widest vary of commercial industrial property loans. Other lending traits may vary between different banks and lenders.