Multiple rate loan
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United States of America Patent
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Oct 2, 2012
Grant Date -
Feb 2, 2012
app pub date -
Jul 30, 2010
filing date -
Jul 30, 2010
priority date (Note) -
In Force
status (Latency Note)
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Abstract
Embodiments of the present invention relate to methods and apparatuses for implementing, in connection with a loan account, a loan management tool. In some embodiments, the method includes: storing information relating to a loan account associated with a borrower in a storage device, wherein a first interest rate is associated with the loan account, segmenting the loan account into at least a first spend category, and associating a second interest rate with the first spend category, wherein the second interest rate is different from the first interest rate. The method may also include receiving a payment comprising a first portion based on the first interest rate and a second portion based on the second interest rate, and applying a first portion of the payment to reducing a balance of the first spend category. The systems and methods of the present invention are used in connection with a HELOC account.
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