Wholesale mortgage issuers publish their rate sheets in tremendous detail.
Review the below mortgage rate sheet. Do some research and figure out what is meant by:
- The numbers in the 30 year column.
- The 15-day, 30-day, etc column headings
- The numbers in the body of the table.
Use the links below to dowload a mortgage ratesheet. Alternatively if you google “Mortgage Rate Sheet pdf” you may find others.
Use the rates sheets from the picture above to model out at least three loans and determine their all-in cost, after considering upfront fees.
What APR would you expect? (Hint: You must use XIRR to figure this out).