Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Loan Background
This loan example date is for January 30, 2007.
The loan applicant's name is Sandra.
The mortgage is to get a refinance.
Property Profile
This piece of real estate is a townhouse.
This piece of real estate is in Marina, California.
The property is a primary residence.
Mortgage Background
This loan has a length in years of 30.
This borrower's middle credit score is 730.
This mortgage will have stated documentation.
Today's current interest rates
The example mortgage rate on this new loan will be 6.25%.
The current annual percentage rate will be 6.35%.
The Loan Amount
This property is currently worth around $412,500.
The loan on the property is a $264,000.
The borrower cash out will be around $66,000.
The new loan size is $330,000.
The loan to property value (LTV) ratio on the property is
80%.
Calculated Monthly Payment
Each month the mortgage payment is $2,032.
If this were an interest only loan the monthly payment
would be $1,719.
In this example the interest only payment is lower than
the regular monthly payment by $313.
Articles:
http://www.archerpacific.com/mortgage%20quick%20tips.html
Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Loan Summary
The loan example date is January 30, 2007.
The loan borrower's name is Heather.
This borrower's goal with the mortgage is to refinance
their property.
Example Property Summary
This property would be identified as a townhouse.
This mortgage will take place in Sierra Madre, California.
This property would be considered a primary residence.
Loan Background
This loan has a length in years of 30.
This borrower's credit score is 750.
The documentation level for this loan will be full
documentation.
Today's current interest rates
The example mortgage rate on the new loan will be 6.13%.
The annual percentage rate will be 6.22%.
The Loan Amount
This property is currently worth around $400,000.
The current mortgage loan on the property is a $256,000.
The total amount of cash received is around $64,000.
The total new mortgage loan size is $320,000.
The loan to property value ratio is 80%.
Calculated Monthly Payment
The new payment each month is $1,944.
If this were an interest only loan the monthly mortgage
payment would be $1,633.
An interest only loan payment each month saves the
borrower $311.
Articles:
http://www.archerpacific.com/mortgage_qualification_worksheet.htm
Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Mortgage Example
The loan example here is for January 30, 2007.
This borrower's name is Jose.
This borrower's goal with the mortgage is to get a
refinance done on their property.
Property Example
This property is a townhouse.
This piece of real estate is in Brentwood, California.
This property would be labeled a primary residence.
Loan Type
The length of the loan in years will be 30.
The current credit middle score is 750.
The documentation level for this loan will be stated
documentation.
Today's mortgage rates
The interest rate for this new loan will be 6.13%.
The loan's annual percentage rate is 6.22%.
Mortgage Size
The property would be considered worth approximately
$391,250.
The current mortgage on the property is a $250,400.
This borrowers wants to cash out around $62,600.
The new mortgage will be for $313,000.
The loan to property value (LTV) ratio is 80%.
Monthly Loan Payment
Every month the mortgage payment is $1,902.
If this were an interest only loan the monthly mortgage
payment would be $1,598.
An interest only mortgage payment each month saves this
borrower $304.
Articles:
http://www.archerpacific.com/mortgage%20quick%20tips.html
Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Loan Summary
The mortgage example takes place on January 29, 2007.
The borrower's name is Joe.
This borrower's goal with the mortgage is to consolidate
and pay off debt.
Property Example
This property would be identified as a single family
residence.
The mortgage will take place in Arcadia, California.
The property type is a primary residence.
Loan Background
Number of years it will take to pay off the loan is 30.
The borrower has a current credit middle score of 725.
The level of documentation for this mortgage will be
stated documentation.
Today's mortgage rates
The mortgage rate for this mortgage is 7.50%.
The current annual percentage rate is 7.60%.
Total Consumer Debts
Current credit card balances $5,917.
Total car loans $1,076.
Student loan amount $351.
Other debts to pay off $188.
Total consumer debt to pay off $7,532.
Loan Size
The property is currently worth $402,500.
The property has a current mortgage of $257,600.
The new mortgage will be for $265,132.
The loan to value (LTV) ratio on the property is 66%.
Monthly Loan Payment
The new monthly payment is $1,854.
If the loan were interest only the monthly mortgage
payment would be $1,657.
This is smaller than a regular monthly payment by $197.
Articles:http://www.archerpacific.com/zero%20down%20financing.htm
Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Mortgage Loan Summary
This loan example is for January 29, 2007.
The name of the mortgage borrower is Rose.
The mortgage is to pay off debt with a consolidation.
Property Summary
This property is a single family residence.
This piece of real estate is located in Foster City,
California.
This property type is a primary residence.
The Loan Type
This borrower's loan term in years is 30.
The current credit report indicates that the credit score
is 760.
The documentation level for this loan will be stated
documentation.
Today's current mortgage rates
The mortgage rate on this mortgage is 6.38%.
The APR will be 6.47%.
Total consumer debts to be paid off
Total Credit cards $10,852.
Auto loans $5,868.
Student loans owed $664.
Other debts that will need to be paid off $124.
The total of debts to consolidate $17,508.
Mortgage Amount
This property is currently worth $411,250.
This property has a current loan of $263,200.
The new total loan size is $280,708.
The loan to value ratio on this property is 68%.
Calculated Loan Payment
The monthly mortgage on this will be $1,751.
If the loan were interest only the monthly payment would
be $1,491.
An interest only loan payment each month saves this
borrower $260.
Articles:http://www.archerpacific.com/mortgage%20quick%20tips.html
Posted by admin on January 30th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Mortgage Loan Summary
The loan example takes place on January 29, 2007.
The name of this borrower is Shirley.
The borrower's goal with the mortgage is to consolidate
debt.
Example Property Summary
This property is a single family residence.
This piece of real estate is in Lakewood, California.
This property would be described as a primary residence.
Loan Type
This loan has a length in years of 30.
The credit report indicates that the credit middle score
is 730.
The level of documentation for this loan will be full
documentation.
Today's mortgage rates
The interest rate on this mortgage is 7.25%.
The mortgage's annual percentage rate is 7.35%.
Total consumer debts to be paid off
Total Credit cards $2,719.
Car loans $4,374.
The total current student loan $2,636.
Other debt that need to be paid off $153.
The total of debts to consolidate $9,882.
The Loan Size
This real estate property is currently worth $422,500.
The current loan on the property is a $270,400.
The new mortgage loan will be for $280,282.
The loan to property value ratio on the property is 66%.
Mortgage Payment
The new payment each month is $1,912.
If this were an interest only loan the monthly payment
would be $1,693.
In this example the interest only loan payment each month
saves the borrower $219.
Articles:http://www.archerpacific.com/mortgage%20quick%20tips.html
Posted by admin on January 29th, 2007
One of the most common ways in which lenders evaluate potential borrowers
Definition Each of the three American credit reporting agencies - Experian, TransUnion, and Equifax - use their own credit score formula to determine the credit worthiness of a given person or organization. However, the term credit score has become ingrained in the public psyche, especially in recent years, thanks to the growing importance of credit evaluation and personal fiscal management.
Credit scores are designed to indicate the chances of a borrower becoming delinquent in the following two years. While the formula used to determine credit score is not publicly available, certain actions are known to have a positive or negative impact on one's score. Delinquent payments, holding too high a level of debt foreclosure click here
Growing Importance The past decade has seen an increase in the level of consumer debt owed by the average American household. By October 2003
But help is at hand. If you have positive equity in your home, you can take out a second mortgage or home equity loan and use that equity to pay off your debts, which in turn will help to improve your credit score. Using your home equity in the wrong circumstances can jeopardize your home and should only be considered after careful thought and expert consultation. If a second mortgage or home equity loan seems like a viable solution, consider talking to one of America's Lending Partners experienced Mortgage Planners
Posted by admin on January 27th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Loan Background
The loan example is for January 27, 2007.
This borrower's name is Theresa.
This borrower's goal is to get a refinance on their
property.
Property Summary
The property would be considered a townhouse.
This real estate is located in Huntington Beach,
California.
On the mortgage application this property would be
identified as a primary residence.
The Mortgage Type
This borrower's loan term in years is 30.
The credit report indicates that the credit score is 750.
This loan will have full documentation.
Today's current rates
The mortgage rate on this new loan will be 6.13%.
The current annual percentage rate is 6.22%.
Mortgage Amount
The property is currently worth $426,250.
This property has a current loan of $272,800.
The borrowers wants to cash out around $68,200.
The new total loan will be for $341,000.
The loan to property value (LTV) ratio is 80%.
The Mortgage Payment
Every month the mortgage payment is $2,072.
If the loan were interest only the monthly mortgage
payment would be $1,741.
This is lower than a regular monthly payment by $331.
Articles:
http://www.archerpacific.com/mortgage%20quick%20tips.html
Posted by admin on January 27th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Loan Basics
The mortgage example takes place on January 27, 2007.
The borrower's name is Jennifer.
This borrower's goal with the mortgage is to get a refinance
mortgage.
Property Background
The real estate is a townhouse.
The property is in Fontana, California.
This property would be described as a primary residence.
The Mortgage Type
Number of years it will take to pay off the loan is 15.
This borrower has a current middle credit score of 735.
The documentation level for this loan will be full
documentation.
Current loan rates
The example mortgage rate on the new loan will be 6.25%.
The annual percentage rate is 6.41%.
Mortgage Amount
This real estate property is currently worth $422,500.
The current mortgage on the property is a $270,400.
The borrowers wants to cash out around $67,600.
The total new loan size is $338,000.
The loan to value (LTV) ratio on this property is 80%.
Monthly Loan Payment
The monthly mortgage payment on this is $2,898.
With an interest only loan the monthly payment would be
$1,760.
An interest only loan payment each month saves the
borrower $1,138.
Articles:
http://www.archerpacific.com/learn-about-refinance.htm
Posted by admin on January 27th, 2007
Low-Rate Mortgage &
Home Equity Loans Mortgage
Refinance
Mortgage Purchase or
Refinance
Mortgage Loan Basics
This mortgage scenario date is January 27, 2007.
The mortgage borrower's name is Raymond.
The borrower's goal is to get a refinance on their
property.
Property Background
This real estate property is a single family residence.
This property is in Binghamton, New York.
This property would be considered a primary residence.
The Mortgage Type
Number of years it will take to pay off the loan is 30.
This borrower has a current credit score of 745.
The level of documentation for this mortgage will be
stated documentation.
Today's current mortgage rates
The interest rate for this new loan will be 6.63%.
The APR is calculated at 6.72%.
Loan Amount
The appraisal value of the property is $430,000.
The current loan on this property is a $275,200.
The cash out from this refinance is around $68,800.
The new total loan size will be $344,000.
The loan to value (LTV) ratio on the property is 80%.
The Mortgage Payment
The new payment each month is $2,203.
An interest only monthly mortgage payment would be $1,899.
An interest only payment each month saves the borrower
$304.
Articles:
http://www.archerpacific.com/mortgage%20quick%20tips.html
