Assume you have decided to buy a new house in Malibu that costs $922,000 (a bargain for that community). You want to get a conforming mortgage. Assuming no points, how much cash do you need to bring to the closing. Also, assume there are no other fees.
a) Assuming no points, how much cash do you need to bring to the closing. Also, assume there are no other fees.
b) How much is the mortgage for?
Staying with that same mortgage situation, your mortgage broker has offered you a couple of differing mortgage products. For now, let's work with mortgage A: a 30-year fixed-rate mortgage with a 6% rate and no points.
c) What is the monthly payment and what is the effective yield expressed in %?
