In 2006 Juan and Maria purchased a home for $250,000. They were offered a 30-year loan by
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In 2006 Juan and Maria purchased a home for $250,000. They were offered a 30-year loan by a mortgage broker for no money down, interest-only for the first three years at 3%, then automatically converting to an amortizing loan at 2 points above the prime rate (the prime rate is now 5%). What was their initial monthly payment, and what did it become after the reset?
Related Book For
Personal Finance
ISBN: 978-0077861643
11th edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
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