Reference no: EM131202999
You wish to purchase a residential house for $240,000 and you would like to put 10% down payment. You can get a 30-year fixed rate mortgage loan at 4.00% Annual rate with monthly compounding and no points. Your closing fees (abstract, legal, inspections, etc.) are expected to be $2,500. Your PMI (if applicable) is $100/month for the first 3 years, your property taxes are $3,600/year and your casualty insurance is $1,800/year. Your lender will collect the PMI, property tax and casualty insurance as monthly escrow payments along with your principal and interest payments.
1. If you buy 2.5 points to bring down the APR to 3.5%, what would be the total amount of money due at closing? a. $30,820 b. $31,900 c. $28,320 d. $26,500
2. How many months will you need to live in the house for it to be cost effective to have paid the 2.5 points to reduce the annual interest rate by 0.5% (use simple payback method)? a. 140 b. 129 c. 54 d. 60
3. Which of the following is a name for a loan type where the bank pays you a monthly payment? a) Reverse b) FRM c) ARM d) Balloon.
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: You wish to purchase a residential house for $240,000 and you would like to put 10% down payment. You can get a 30-year fixed rate mortgage loan at 4.00% Annual rate with monthly compounding and no points. If you buy 2.5 points to bring down the APR ..
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