Reference no: EM133150156
Question - You bring a 10% down payment, pay 2.5 points to loan fees, $3,000 in closing costs, and finally, the mortgage comes. The BTT has just approved you for a 30 year ARM, details here. Since you brought the down payment of 10%, this means you qualify for the interest rate that applies to the 90% loan-to-value. The statement they provide about their ARM is the following:
"This is a variable rate loan, and the interest rate can increase over the life of the loan BBT ARMs can increase or decrease a maximum of 2% every 60 months up to 6% over your initial rate during the life of the loan."
So here is the problem:
A) How much will you need to bring to closing?
B) What will be your payments for the first 60 months?
C) How much will you have paid if the market causes the following:
0-60 months: 3.875% APR
61-120 months: +1.8%; 5.675% APR
121-180 months: -0.3%; 5.375% APR
181-240 months: +2%; 7.375% APR
241-360 months: +2%; 9.375% APR
D) What will be your total cost for this home after 30 years?
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