*15. You are buying a house and the mortgage company offers to let you pay a point...
Question:
*15. You are buying a house and the mortgage company offers to let you pay a "point" (1% of the total amount of the loan) to reduce your APR from 6.5% to 6.25% on your $400,000, 30-year mortgage with monthly payments. If you plan to be in the house for at least five years, should you do it?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9781292018409
3rd Global Edition
Authors: Berk, Peter DeMarzo, Jarrad Harford
Question Posted: