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01-05-2011, 01:33 PM
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Kindly explain how the mortgage terms below would...
...apply if the lender gave the borrower $100,000 for a home? ---> (1) (Type of Loan) (2) (Mortgage Loan) (3) (Rate APR)---> (1) 30-yr Fixed (2) 5.62% (3) 5.83%---> (1) 15-yr Fixed (2) 5.19% (3) 5.52%---> (1) 5-yr Adj (2) 5.55% (3) 6.40%
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01-05-2011, 04:13 PM
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(1) type of loan is how long the term is for (when you have to renew)(2) the mortgage rate offered(3) APR stands for “annual percentage rate.” It is not actually a number that affects the cost of your loan, but it is a number aimed at helping borrowers figure out the true cost of a mortgage loan. APR reflects the total cost of the loan, taking into account both the interest rate and closing costs.
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