The biggest factor in determining the price of a mortgage is:
A. the lender
B. the interest rate
C. the down payment
D. the total cost of the home
Answer Explanation for Question: The biggest factor in determining the price of a mortgage is:
A mortgage is a loan that the borrower must pay to a bank to obtain ownership of a house. In order to obtain a loan, an individual must pay interest, which is the price of the mortgage or a portion of the loan. It may vary from country to country and may be as high as 20%.
Mortgages are commonly taken when people cannot afford to buy a house and cannot afford to pay for it in the future. The principal of a mortgage loan is the price of the house, and the interest is the amount paid on the loan. Rates on mortgages are influenced by general interest rates across financial markets. Interest rates fluctuate in response to changes in the economy and monetary policy set by the government. Mortgage rates will move higher when interest rates rise, and vice versa.
Factors Affecting Mortgage Rate
Similarly, You may Also like: