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Go to a financial company’s website and get the mortgage rates for a home purchase for...

Go to a financial company’s website and get the mortgage rates for a home purchase for 15 year and for 30 year mortages. Report the quote and include the APR. (and points when available) and the day when you obtained the quote. Specify any specific requirements (credit score, down payment required) One quote per student It is possible to repeat the website if you are reporting a different product (lower down payment, sub-prime borrower, etc)

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Answer #1

ANSWER;

Reference: https://online.citi.com/US/JRS/portal/template.do?ID=todays_mortgage_rates

The financial company’s website that I have visited is the Citigroup’s website.

15 year: APR = 4.395% and points = 0.375. Date is 3/14/2019. Down payment requirement is 25% and there is a 60-day rate lock period for loan application processing.

30 year: APR = 4.887% and points = 0.125. Date is 3/14/2019. Here also a down payment of 25% is required and there is a 60-day rate lock period for loan application processing.

For both the above situations the borrower is required to have excellent credit and the actual mortgage product will depend on the credit score of the borrower. No figure is mentioned with regards to minimum acceptable credit score.


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