StudentShare solutions
Triangle menu

Comparing Mortgage Rates - Research Paper Example

Nobody downloaded yet

Extract of sample
Comparing Mortgage Rates

Mortgage quotes that are published such as these are usually rates and terms available under the best of circumstance while your rate will vary according to: credit, down payment, house location and size, and your ability to prove income and assets Verbal rates are not a guarantee and you must get a written quote if you want to be assured the rate is ‘locked’ in and you should always get a letter of confirmation of your rate, rates that go up between the start of your mortgage process and the closing date can cost you thousands of dollars over the life of your loan Do not assume that because you are offered at good rate on one type of loan that you will get the same rate on a different type of mortgage Many people do not consider closing costs and fees when shopping for a mortgage Based on the effective annual rate the Lending tree offers the best rate for a fifteen year fixed interest rate loan. This amount is the percentage paid per year on the mortgage over the lifetime of the loan. AmeriSave offers the lowest effective annual rate on a thirty year mortgage. Paying some of the interest in advance can reduce the accrual over the course of the year. Any fees or penalties that you accrue during the loan are added to the principle and will increase the EAR. These effective annual rates make sense as being the lowest because they are also in line with the lowest rates. Different lenders are able to offer different rates somewhat based on what type of lender they are, a mortgage lender or mortgage broker, each charging a different commission rate on the loan. Mortgage broker do not actually lend money and are used to help an individual find a direct loan, charging the consumer a fee for this service. While this is advantageous in that they will shop many lenders for you in an attempt to gain the best rate you will pay the associated fees, which are usually between 0.5-1 % of the loan value. The difference in rate will have a material impact on the consumer because the value of the property will either decrease or increase with the market over the course of the loan. Investors may choose 30 year investment mortgages over other options because the value of the dollar while continue to decrease while the investment property and amount of payment remains the same. This is due to inflation of the economy and other market factors. References Today's Rate Results. (2012). Bank of America. Retrieved 2012, from Mortgage - Home Loans - Refinance - Mortgage Refinancing - Mortgage Rates - Home Equity. (2012). Retrieved 2012, from Mortgage, Refinancing, Home Loan, Mortgage Rates - GMAC Mortgage. (2012). Retrieved 2012, from Chase Mortgages - Home Lending | New or Refinance Mortgage Loans Online. (2012). CHASE Home: Personal Banking | Personal Lending | Retirement & Investing | Business Banking. Retrieved 2012, ...Show more


Finance and Accounting Instructor University Name Date A comparison was completed between five separate mortgage lenders using rates for fifteen year and 30 year fixed rate mortgages, with a financed amount of $100,000 in the State of Florida. Geographical information was used only on with those lenders who requested it before providing a rate…
Author : barrywolf
Comparing Mortgage Rates essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the research paper on your topic
"Comparing Mortgage Rates"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Sub-Prime Mortgage Crisis and the East Asia
Europe was the first place to receive the impact of subprime mortgage crisis, but the effect spread in the rest of world afterwards. Justin and Boris (2011) indicate that the East Asia would not resist the impact that was affecting most of a global economy.
9 pages (2250 words) Research Paper
Abortion Rates In Russia
The debate surrounding abortion is a relatively new phenomenon within much of the world, speaking historically. Whereas many developed countries in the world had previously legalized abortion decades prior to the United States landmark of Roe v. Wade, the history of abortion and its implementation within society can be traced back even as far as the anxious Egyptians.
5 pages (1250 words) Research Paper
Subprime Mortgage Crisis
While mortgage and house markets downtowns have been causes of economic problems in various parts of the world, but experts assert that this situation is unique (Simkovic 257). This study reveals that, the uniqueness of their situation explains for the first time ever downturns are motivated by a credit crisis in the non-banking area of finance, which is contrary from the norm, whereby such actions have created downturns in the general economy through a credit crisis in the banking zone.
7 pages (1750 words) Research Paper
Comparing Policing
However, there is a common denominator among all the nations of the world. A department of peace and security that holds almost similar mission objectives and goals when it comes to the protection of the immediate population of the residents of a certain country.
7 pages (1750 words) Research Paper
Comparing Interviews
When carrying out a interview, I realized that my method was poor when it comes to answering a number of questions that served to provide a basic conclusion as to the objective of the
2 pages (500 words) Research Paper
Comparing religion
A perfect example for the difference between these religions could be that while the bible condemns homosexuality with the strongest terms, newer religions and denominations do not, instead, they support the practice or
1 pages (250 words) Research Paper
Term structure of interest rates
Firstly, the rate of interest on bonds with different maturities has a tendency to move together with time. Secondly, the yield curve can
7 pages (1750 words) Research Paper
Crime Rates
In the past, attempts made to explain accountability among these clarifications are unpersuasive. The un-persuasiveness of the previous attempts is because some of the research does not inclusively study all the possible clarifications, some depend on highly interlinked
12 pages (3000 words) Research Paper
Implementation of the Saudi Mortgage Law Developing an Effective Mortgage Market in the KSA
However, the law was approved to enhance the real estate as well as financing market by developing provision of mortgage and similar
9 pages (2250 words) Research Paper
Secondly, the operating margin lies at 1.63 % against the state’s which is 3.15%. The non-operating margin lies at 0.99% against the state’s which lies at 2.49%. This is a good indication that all operations are running in the right
1 pages (250 words) Research Paper
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Contact Us