Make a Mortgage Research
800 – 1,000 words Plus References
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Find 5 different online mortgage lenders. such as this one (www.lendingtree.com)
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From these 5 lenders, find the following rates, assuming the mortgage payments are made monthly:
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10-year (if available) for fixed-rate mortgage
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15-year (if available) for fixed-rate mortgage
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30-year for fixed-rate mortgage
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Convert these rates into effective annual rates (EARs).
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Discuss which rate is actually the cheapest rate.
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What are 2 things about the sample Web site given above that could be applicable to a consumer or investor?
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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.
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What is 1 mistake people make when calculating their mortgage payments? Explain your answer.
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Based solely on the EAR, which rate is the cheapest? Does this make sense?
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Why do the different lenders have different rates?
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Is the difference in rates going to make a huge impact on the cost to the homebuyer? Explain your answer.
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