After careful consideration, you decide to purchase a home. You narrow down the price range that is suitable for your budget and the preferable type of home, neighborhood and floor plan. Finally, after visiting several viable alternatives you negotiate a purchase price of $380,000. All but one of the following statements correctly describes the mortgage financing. Which of the following statements is INCORRECT? If the term of the loan is 30 years, then you will make 360 payments (ignoring any early repayment of principal) Given that the lender charges 2 points to originate the loan, you will owe an additional $2000 dollars. o If you are unable to pay a 20% down payment, then the lender will typically require primary mortgage insurance (PMI) until your equity in the property reaches 20% of the loan amount. If the annual interest rate is 4.8%, then the monthly interest rate applied to the beginning of the month balance is 0.40% (4.8 divided by 12 periods in the year)