Describe the characteristics of a fixed- rate mortgage. Why do certain homeowners prefer a fixed- rate mortgage to an adjustable- rate mortgage?
Answer to relevant QuestionsWhat is an amortization table? What does each mortgage payment represent? Describe the features of graduated payment and balloon payment mortgages. Why is the reputation of the school system in the area of the home you are buying important? Mia would like to purchase a specific home and knows that she can afford the home, but her income is slightly lower than the amount needed to qualify for the mortgage. She is a waitress and makes much of her income from tips ...Use a Web site or a financial calculator to determine the monthly mortgage payment (excluding property taxes and insurance) on a $ 90,000 mortgage if the Sampsons obtain a new 30- year mort-gage at the 8% interest rate.
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