finance question
You have had a 6% 30 year fully amortizing level payment mortgage (LPM) for 5 years. The fees on this mortgage were 4%, its initial balance was $600000, and it has a prepay penalty of 2%. You are considering a 15-year cash-out refi mortgage (fully amortizing LPM) at 5%, with 4% fees. You will finance these fees, take $30000 out, and the new mortgage has […]