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1. Your assignment is to research the various types of financing deals currently being offered for a hypothetical condominium you plan to buy. The following assumptions apply to this project: . The purchase price of the condo you plan to buy is $200,000. o The condo was recently appraised for $220,000. You plan to make a 25% down payment ($50,000) and are seeking a $150,000 mortgage. o You have a job that qualifies you for that size mortgage. 2. As a team, your assignment is to compare the current interest rates, costs, and features associated with a 15-year fixed-rate mortgage, a 30-year fixed-rate mortgage, and an adjustable-rate mortgage. 3. Each team member should select 1 financial institution and get data on their mortgages. You may need to call or visit the institution and talk to a banker, explaining that you are doing a class project and need information on their mortgage programs. Here are the questions each team member needs to answer so you can compare the different mortgage options: What are the current interest rates and discount points of the 15- and 30-year fixed-rate mortgages? . What are the monthly payments of the fixed-rate mortgages? What is the initial (teaser) rate, discount points, adjustment period, rate caps. margin, and index for the adjustable-rate mortgage? Q o What are the monthly payments of the fixed-rate mortgages? What is the initial (teaser) rate, discount points, adjustment period, rate caps, margin, and index for the adjustable-rate mortgage? o What are the fees or charges for the loan application, property appraisal, survey, credit report, inspections, title search, title insurance, and document preparation? o What other charges or fees can be expected at closing? 4. Prepare a Mortgage Summary document submit it to the Mortgage Summary Dropbox. Your summary document should include: 1. Each financial institution that was researched and the group member who did the research 2. The answer to each question for each financial institution 3. A recommendation of which type of mortgage does your group think is the best deal at this time and why 4. A recommendation of which financial institution your group would choose for the mortgage and why