Option $1-$ Buy A House Or Condo

Find a house or condo you like that is actually listed. You can find it on Zillow or any other site. The property has to be priced reasonably between $$500k-$$$700k.$

Using your $$200K,$ you need to put together a capital stack of how much equity and debt you will need to close. To do so$,$ you will probably have to contact a bank or mortgage lender to figure out current mortgages available. The analysis here has to include any fees or points required in an actual mortgage with today's rates.

Please assess your options of taking out a $30$ year fixed rate mortgage vs a $5$ year ARM.

What is the APR of this mortgage and EBC if you hold for $5$ years?

Please show all details on how this transaction will work, what the payments look like, and which option of mortgage you prefer and why.