Question

please help
I need to find the fixed rate, adjustable rate, and balloon mortgage for a house that costs $198,000.00

Answer 1

1.) fixed rate - 5.2% for 30 years
2.) Adjustable Rate Mortgage: 3% with terms 5/1 with a 2/6 cap for 30 years
(Assume the interest rate increases by 1.25% after the initial period and every 10 years thereafter.)
3.) Balloon Mortgage: 4% fixed interest rate with terms 30/7

Answer 2

@SithsAndGiggles do you think you could help me?