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Calculate which loan is offering the lowest effective rate

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Reference no: EM132442310

1. You are to obtain quotes from three different institutions on refinancing your current home mortgage. Please indicate the name of each institution, the date you got the quote and the name of the person you talked to (you may use internet quote).

2. Assuming you expect to live in the house 20 more years, compare the three loans and calculate which loan is offering the lowest effective rate.

3. Assuming you expect to live in the house 10 more years, compare the three loans and calculate which loan is offering the lowest effective rate.

4. Assuming you expect to live in the house 5 more years, compare the three loans and calculate which loan is offering the lowest effective rate.

5. Assuming you expect to live in the house 20 more years, please determine whether or not the loan chosen in (2) above is likely to be profitable if you refinance your current mortgage.

6. Assuming you want to continue making the same monthly payment for the same number of years (20 more), how much cash could you obtain immediately from the refinancing?

7. Assuming you take no cash up front, and expect to pay off your loan in the same number of years (20 more), how much will refinancing reduce your monthly payment?

8. Assuming you take no cash up front and want to continue making the same monthly payment, how much will the refinancing reduce the maturity (length) of your loan?

Reference no: EM132442310

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