1.Christine is getting a 30-year fixed rate $200,000 mortgage. She can get a mortgage rate of 6.5% with no points or a rate of 6.0% with 2 points. She decides it's not worth it to pay the points. Why? 2. The ____ ____ ____ ____ is a legally binding agreement that sets the terms of the property transaction to which the buy and seller agree?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
1.Christine is getting a 30-year fixed rate $200,000 mortgage. She can get a mortgage rate of 6.5% with no points or a rate of 6.0% with 2 points. She decides it's not worth it to pay the points. Why?
2. The ____ ____ ____ ____ is a legally binding agreement that sets the terms of the property transaction to which the buy and seller agree?
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