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Group Mortgage HW # 1
We found that the best rate for a two hundred and fifty thousand dollar mortgage with twenty percent down was given by a lender, Mainstream Mortgage with adjustable rate mortgage and of a 3.62% starting interest rate for a thirty-year period and no points. My monthly payments for the first period would be $1,139.42. At the end of the thirty years I will have paid $ 251,754.75 in interest. Given the bank’s stipulation, the maximum payment I can currently afford on the house is $1,280.
With the first adjustment to the rate, the interest rate could be as high as 3.87% with a monthly payment rate of $1173.93. By the time the lifetime cap is reached, the interest rate could be as high as 6%. This would put the monthly payment at $1,446.27. I could go the route of thirty-year fixed mortgage with a 20% down payment. The quoted interest rate for the thirty-year fixed loan from the same lender is 3.5%. This would put my monthly payment at $1284. 36, an amount that is $4.86 over the 32% debt-to-income ratio allowed by the bank and over the maximum payment I can.............
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