Kindly explain how the mortgage terms below would apply if the lender gave the borrower $100,000 for a home?

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—> (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%

1 Comment
  1. Reply
    Roncyn
    April 29, 2011 at 11:34 pm

    (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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