Compare mortgages?

Posted on Apr 23, 2014 in Unique Loan Programs

Question by Rebecca C: What is a home equity loan?
Can you get a home equity loan on a mobile home and 6 acres?

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Answer by Wayne Z

What is the home and land worth and home much do you owe on it.

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Why a government agency won't lower mortgage fees for borrowers
Two influential housing industry trade groups voiced alarm this month about the fees borrowers must pay when they take out a mortgage backed by the Federal Housing Administration – a popular source of loans for cash-strapped, cure first-time home buyers.
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3 Ways Foothill Credit Union Offers Easy and Efficient Home Financing
Whether you are considering homeownership for the first time or currently own a home and are looking into refinancing options, more about consider applying for membership at Foothill Credit Union. If you are an … If you are a first-time home buyer who cannot …
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Question by : Compare mortgages?
A person buys a house for $ 50000 through a mortgage bond. The interest payable on the mortgage bond is 7.5% P.A. throughout the term of the mortgage. Length of maturity of this bond is 25 years. Another person buys another house through a mortgage that attracts an interest of 9% P.A throughout the term of the mortgage. The maturity period of this mortgage is 20 years. These two people have similar jobs and earn identical salaries. Who is better off on the monthly repayments? What other considerations would you take into account in comparing the mortgage deals?

Best answer:

Answer by loanmasterone
This sound as if it is a home work question.

Though there are many that are qualified and would solve this problem, remedy you would only know the answer not the method in which the problem was solved.

This is the essence of homework so you would be able to explain the method in how you solved the problem. This would allow you to solve many problems of this nature in the future.

I hope this has been of some benefit to you, good luck.


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5avg.rating 22 votes.

One Comment

  1. Do they each keep their house (and mortgage) for the entire term of the loan? (most people don’t) Do they decide to pay extra on any of the payments? What does PA stand for? If everything is so similar between them why did they get such different loans? How would their income tax affect their effective rate? Did one get a house they were happy with and another feel it was a lemon? (because even if I don’t make a great deal on the mortgage but get a great house that I am very happy with- I can go back and fix the mortgage.)