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Home loan contracts to which this chapter applies may provide for the payment of a fixed rate of interest, a variable rate of interest, or any combination of fixed and variable rates in any sequence, subject to subsection (b).
A contract may provide for a fixed rate of interest:
Permissible at the time the contract to make the loan is executed;
Permissible at the time the loan is made;
Permissible at the time the interest rate on the loan is converted from a variable to a fixed rate, or from one fixed rate to another fixed rate, whether such conversion is by terms of the contract or by renewal, modification, extension or otherwise;
Permissible at the time of any renewal or extension of the loan or any note evidencing the loan; or
Permissible by virtue of any combination of any of the foregoing.
A contract may provide for a rate of interest that may vary from time to time at such regular or irregular intervals as may be agreed by the parties; provided, that such variable rate shall not exceed the greater of:
That authorized by statute at the agreed time of each variance; or
That authorized at the time of execution of the contract or note evidencing the indebtedness upon which such variable rate is or is to be charged.
The parties may agree to a minimum fixed rate of interest to be applicable to a rate which is or may become otherwise variable; provided, that such agreed minimum fixed rate of interest does not exceed the rate permitted at the time the contract to make the loan is executed, or at the time the note is executed, or at the time of any renewal or extension thereof, whichever is greater.