Www.timizzo.com



Part I: Fill out the following chart. You must get today’s mortgage rate from a bank’s website. It could be a local Long Island bank, or a national bank. Make sure you get the correct rates for the type of mortgage listed. I will spot-check for accuracy. Also, don’t copy off your friend, everyone should probably be using different banks and have different rates. ? 30 Year Fixed Mortgage 15 Year Fixed MortgageHome Price $ 525,000.00 $ 525,000.00 Down Payment (Use Target 20%)??Loan Amount??What Bank Did You Use? Current Mortgage Rate??Monthly Payment (Use Calculator Program) ??Number of Payments Over Life of Loan??Total Paid to Loan (Multiply the two previous lines)??Total Cost of Home Once Mortgage is Satisfied (Total Paid to Loan + Down Payment)??Part II: Answer the Following Questions Based on the Article from Monday’s Notes Tab on Website: Give one advantage of selecting the 30-year fixed mortgage as compared to the 15-year fixed. Give one advantage of selecting the 15-year fixed mortgage as compared to the 30-year fixed. What is the most popular mortgage in America? What percent of buyers choose this most-popular loan option? Which mortgage would you choose for this home and WHY? ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download