To determine To Explain: The options available in an online loan portal offering home financing and discuss the advantages and disadvantages of the options. Explanation The following table lists the options offered by an online portal and its advantages and disadvantages. Sn Options offer Advantages disadvantages 1 Preapproval Very easy in almost 3 minutes Preapproval of loans from banks take a long time with lot of paper work. online portal offers ease in approach and approval with a few questions answered Without personal interaction, there is a fair chance of getting duped by false offers. 2 Ease in contact By phone, chat or email Anywhere access, help in logging in, and answering concerns done instantly. The credentials of the person answering our queries are not verified. With calls routed through call centers, the person answering the calls may not be adequately qualified. 3 Online access 100% online, paperless, can be accessed from anywhere, easy upload of documents, link bank accounts Submission of copies in triplicate, waiting time in each section of the loan department is avoided. Bank account linking, standing orders for payments can be done instantly without paper work. Does not require to be physically present at the office of the loan sanctioning authority. Data security is a very great concern for all online related transactions. 4 ARM Low flexible rates of 4.386% APR, 5 or 7 year ARM,15, 30 year loans, with rates as low as 2.99%for the first period fixed with a cap of 5% above initial rate Low ARM rates for 5 to 7 year fixed offers greater flexibility. The monthly payment for the fixed period is very low, and the loan can be refinanced if the interest rate on the loan exceeds beyond a particular limit. The cap on the increase is a good option. ARM loans have to be monitored properly. Though the initial period attracts a very low monthly payment, there is a large chance of the rate increasing to a large extent. If not chosen properly, one may end up paying a larger amount at the end of the loan period...

Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)

6th Edition

ISBN: 9780321914620

Author: Jeffrey O. Bennett, William L. Briggs

Publisher: PEARSON

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Chapter 4.D, Problem 58E

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To Explain:

The options available in an online loan portal offering home financing and discuss the advantages and disadvantages of the options.

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Chapter 4.D, Problem 57E

Chapter 4.D, Problem 59E

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Chapter 4 Solutions

Using and Understanding Mathematics: A Quantitative Reasoning Approach (6th Edition)

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