What is the best rate? THE BEST RATE MAY NOT BE THE LOWEST RATE. As of APRIL 2006 the median home price in KING COUNTY is $419,500. A 1% cost($4,195) to reduce the the rate 1/8% saves $34.40 per month.Time to recover the $4,195 at $34.40 is 10.17 years. Is this a good deal?The federal national Mortgage Corp.(FNMA) statistics show the average mtg. life as 7 years.In this example net loss is $1,238.40(36x34.40) in fee paid and not recovered. We do this analysis on every transaction to determine thebest rate.
Equitable Mortgage Corp. 7683 SE 27th St. Suite274 Mercer Island, WA 98040
