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QUESTION
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- Find 5 different online mortgage lenders, such as this one.
- From these 5 lenders, find the following rates, assuming the mortgage payments are made monthly:
- 10-year (if available) for fixed-rate mortgage
- 15-year (if available) for fixed-rate mortgage
- 30-year for fixed-rate mortgage
- Convert these rates into effective annual rates (EARs).
- Discuss which rate is actually the cheapest rate.
- What are 2 things about the sample Web site given above that could be applicable to a consumer or investor?
- Present the rates in a table. List the quoted rate and EAR rate, the lender, and the maturity of the loan. Show your work for each calculation.
- What is 1 mistake people make when calculating their mortgage payments? Explain your answer.
- Based solely on the EAR, which rate is the cheapest? Does this make sense?
- Why do the different lenders have different rates?
- Is the difference in rates going to make a huge impact on the cost to the homebuyer? Explain your answer.
