Interest rate is the rate at which the amount of the borrowed money is charged. Among the given option the best option is option C, witch is the lower your interest rate is, the lower your monthly payments are.
<h3>Interest rate</h3>
Interest rate is the rate at which the amount of the borrowed money is charged.
Given information
The given option in the problem are,
- A) A 30 year fixed mortgage will always result in the lowest payment- It is not compulsory for all the cases that the 30 year fixed mortgage will always result in the lowest. Thus this is not the best option.
- B) You must have at least a 20% down payment to get a competitive interest rate- To land more down payment get you lower interest rate and not only with 20 percent. Thus this is not best option.
- C) The lower your interest rate is, the lower your monthly payments are- Lower interest rate means lower repayment of the loan. Lower repayment means low monthly installments. Thus the lower your interest rate is, the lower your monthly payments are. This option is the best option among all.
- D) The faster you pay off your mortgage, the lower your monthly payments are- Faster paying means the number of month will be reduced but not the monthly payment. Thus this is not the best option.
Hence among the given option the best option is option C, witch is the lower your interest rate is, the lower your monthly payments are.
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