After checking the newspapers, I have determined that the best option for purchasing a $648,000 home in the Bay Area is most likely a 30 year fixed at 4.99%. I found this rate in the West Coast edition of the Wall Street Journal.
Chapter 15
Check the Bay Area papers for the best mortgage rates and suggest what terms you should useto buy at $648,000 home (average in the Bay Area). State your sources and provide your calculations. Calculate the income necessary to qualify for the best loan. Find what a 3 bedroom, 2 bath house rents for in your area. Which is the better deal?
