The Marty's buy a house and borrow $350,000 from Rocket Mortgage Company. The mortgage carries an interest
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The Marty's buy a house and borrow $350,000 from Rocket Mortgage Company. The mortgage carries an interest rate of 6% and is guaranteed for five years. After exactly two years of making monthly payments, the Marty's see that the interest rates have dropped to 4.5% in the market. They ask to be allowed to repay the mortgage in full so that they can refinance.
What penalty will they face?
Related Book For
Real Estate Finance and Investments
ISBN: 978-0073377339
14th edition
Authors: William Brueggeman, Jeffrey Fisher
Posted Date: