The down payment is \$200,000 on a house with an agreed- upon price...

Question

# The down payment is \$200,000 on a house with an agreed- upon price...

The down payment is \$200,000 on a house with an agreed- upon price (and appraisal) of \$1,200,000. Jumbo mortgage rates are 4.3% and conforming rates are 4%. If the conforming loan limit is \$700,000 in the area, then the break even rate on a second mortgage piggy bank arrangement is_____.

5%

4.7%

4.8%

4.6%

4.9%

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10,000 step-by-step explanations

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## Step-by-step explanation

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