Based on the following information what rate will be used to qualify this customer for the mortgage they desire your client is selling their existing home and paying out the remaining $100,000 balance on the existing open mortgage this mortgage is at 3.8% the new home is valued at $450,000 and will have a $200,000 mortgage they have excepted a five year mortgage rate posted rate is 4.79% but the lender is offering them a discounted rate of 3.5% what would the rate be for qualifying this client