100%(4)4 out of 4 people found this document helpful
This preview shows page 3 - 4 out of 4 pages.
Using the same $2700 for closing costs mentioned inpart a, determine the total youcould expect to pay at closing for this loan option.List the costs (2 pts.).$2700+1170=$3870.34 CLOSING COST3080514
Loan 4 scenario:Suppose your bank were offering a lower interest rate for a 15-year fixed loanif you pay 4 points (4% of the loan amount) as part of your closing costs (not rolled into yourmortgage amount).You are still required to put 10% down for a 15-year fixed loan but yourinterest rate is now 1.0% lower. Calculate the mortgage payment for this scenario.d.Loan 4:(the 15-year fixed mortgage with points)