Question: BASED OFF THE INFORMATION FROM PART 1, PLEASE ANSWER PART 2. (INCLUDE MORTGAGE RATE WITHOUT POINTS) Part I: Obtain current mortgage rates Assume you plan

BASED OFF THE INFORMATION FROM PART 1, PLEASE ANSWER PART 2. (INCLUDE MORTGAGE RATE WITHOUT POINTS)

Part I: Obtain current mortgage rates

Assume you plan to purchase a $600,000 home with a 20% down payment. You need to obtain quotes of current mortgage rates on 30-year fixed rate mortgage, with and without discount points, from at least three mortgage lenders. Please record your findings in your report.

BASED OFF THE INFORMATION FROM PART 1, PLEASE ANSWER PART 2. (INCLUDE

Part II: Calculate and analyze mortgage payments

Based on the obtained quotes, you choose two best quotes: one with discount points and another without points. Please perform similar analyses as discussed in class. First, please use the mortgage rate without points for the first three questions.

(1) What is your monthly payment?

(2) If you make regular monthly payments, how long will it take to pay off half of the loan? (i.e., reduce the principle of the loan balance to half)

(3) After making regular monthly payments for 10 years, how much will be the loan balance?

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