Archive for January, 2007

Posted by admin on January 26th, 2007

3 Year Fixed Purchase - La Canada-Flintridge, California Example - January 26, 2007

Posted In: Free Calculators

LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Loan Summary

This mortgage scenario date is January 26, 2007.

The loan borrower's name is Jack.

This borrower wants to purchase a property.


Example Property Background

This residency type is single family residence.

This real estate is located in La Canada-Flintridge, California.

The property is a rental property.


Loan Background

This borrower's loan term in years is 30.

The most current credit middle score is 740.

The level of documentation for this loan will be stated documentation.


Today's current mortgage loan rates

The mortgage rate for this mortgage is 6.00%.

The annual percentage rate will be 6.09%.


The Mortgage Size

This property is currently worth $393,750.

The downpayment percent on the property is 20%.

The new total loan size is $315,000.

The loan to property value ratio is 80%.


Mortgage Payment

The new monthly payment is $1,889.

With an interest only loan the monthly payment would be $1,575.

In this example this is smaller than a regular monthly payment by $314.

 

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Posted by admin on January 26th, 2007

3 Year Fixed Purchase - Palo Alto, California Example - January 26, 2007

Posted In: Free Calculators

LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Example

The loan example is for January 26, 2007.

The mortgage applicant's name is Amy.

The borrower wants to buy real estate.


Example Property Background

This property is a single family residence.

The mortgage will take place in Palo Alto, California.

On the mortgage application this property would be identified as a primary residence.


Loan Type

The length of the loan in years will be 30.

The credit report indicates that the credit score is 750.

The documentation level for this loan will be stated documentation.


Mortgage rates today

The mortgage rate on this mortgage is 6.00%.

The mortgage's annual percentage rate is 6.09%.


The Mortgage Size

This real estate is currently worth $385,000.

The % down payment is 20%.

The new mortgage will be for $308,000.

The loan to value (LTV) ratio on the property is 80%.


Monthly Mortgage Payment

The new payment each month is $1,847.

An interest only monthly mortgage payment would be $1,540.

An interest only loan payment each month saves the borrower $307.

 

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Posted by admin on January 26th, 2007

30 Year Jumbo Purchase - Del Rey Oaks, California Example - January 26, 2007

Posted In: Free Calculators

LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Basics

This mortgage scenario is for January 26, 2007.

The mortgage applicant's name is Christina.

The borrower's goal with the mortgage is to purchase a real estate property.


Property Background

The property is a single family residence.

This mortgage will take place in Del Rey Oaks, California.

This property would be described as a primary residence.


Mortgage Type

This loan has a length in years of 30.

The latest credit score is 755.

This mortgage will have full documentation.


Today's current mortgage loan rates

The mortgage rate for this mortgage is 7.25%.

The annual percentage rate (APR) will be 7.35%.


Mortgage Size

The current property is appraised at $405,000.

The percentage down payment is 20%.

The new mortgage loan will be for $324,000.

The loan to value ratio is 80%.


Calculated Mortgage Payment

The new mortgage payment each month is $2,210.

The monthly payment on an interest only mortgage would be $1,958.

This is less than a regular monthly payment by $253.

 

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Posted by admin on January 26th, 2007

Refinance Loan Type - Hybrid Option ARM Mortgage - January 26, 2007

Posted In: Free Calculators

Low-Rate Mortgage & Home Equity Loans
LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance

Vallejo, California Refinance Example


Mortgage Example

The mortgage example takes place on January 26, 2007.

The name of the loan applicant is Johnny.

This borrower wants to do a refinance.


Property

The property is a 1-4 unit property.

This piece of real estate is in Vallejo, California.

The property type is a primary residence.


The Loan Type

This loan has a length in years of 40.

The most current credit score is 720.

This borrower's mortgage will have stated documentation.


Mortgage rates today

The minimum payment rate is 3.00%.

The mortgage rate for this new loan will be 6.50%.

The APR is calculated at 6.58%.


Loan Size

The current property is worth $375,000.

The property has a current mortgage of $240,000.

The borrower will cash out around $60,000.

The new total loan will be for $300,000.

The loan to property value ratio is 80%.


The Mortgage Payment

The new monthly payment is $1,756.

The monthly payment on an interest only mortgage would be $1,625.

In this example the interest only payment is lower than the regular monthly payment by $131. 

The minimum payment for this loan will be $1,074.

The minimum payment is smaller than a regular payment by $682.


Note: This loan has the potential for negative amortization (deferred interest). The initial interest rate for the loan may change after the first month. The minimum payment option is usually available for the first 5 years, with the minimum payment rate being reset on an annual basis. This payment may increase. Maximum lifetime rate for the loan is 9.99% or whatever your loan note states.


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Posted by admin on January 26th, 2007

Debt Payoff - 3 Year Fixed Jumbo Debt Consolidation - January 26, 2007

Posted In: Free Calculators

Low-Rate Mortgage & Home Equity Loans
LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Example

The date for this mortgage scenario is January 26, 2007.

The mortgage borrower's name is Lillian.

The borrower's goal with the mortgage is to get rid of consumer debt through consolidation.


Property Basics

This real estate would be considered a townhouse.

This property is in Savannah, Georgia.

This property would be labeled a primary residence.


The Mortgage Type

Length of the loan in years is 30.

The borrower's credit middle score is 745.

This borrower's mortgage will have full documentation.


Today's mortgage rates

The mortgage rate on this mortgage is 6.13%.

The current annual percentage rate will be 6.22%.


The total debts that need to be paid off is

Outstanding current credit card debt $3,471.

Total auto loans $5,253.

Current student loans $753.

Additional debts to pay off $170.

Total consumer debt to pay off $9,647.


Mortgage Amount

This real estate is currently worth $391,250.

The loan on the property is a $250,400.

The new total loan size will be $260,047.

The loan to property value ratio on this property is 66%.


Calculated Monthly Payment

Every month the mortgage payment will be $1,580.

The monthly payment on an interest only mortgage would be $1,327.

This is lower than a regular monthly payment by $253.


Articles:http://www.archerpacific.com/how%20much%20can%20I%20borrow.htm

 

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Posted by admin on January 26th, 2007

Using Equity To Pay Off Debt - 5 Year Fixed Interest Only (Bad Credit) Debt Consolidation - January 26, 2007

Posted In: Free Calculators

Low-Rate Mortgage & Home Equity Loans
LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Loan Summary

This mortgage example takes place on January 26, 2007.

The name of this borrower is Frances.

This borrower's goal with the mortgage is to consolidate and pay off debt.


Example Property Summary

The real estate is a condominium.

This property is in Lexington, Kentucky.

This property would be identified as a primary residence.


Mortgage Type

This borrower's loan term in years is 30.

The credit report indicates that the credit score is 735.

The documentation level for this loan will be stated documentation.


Loan rates today

The example mortgage rate on this new loan will be 6.63%.

The annual percentage rate (APR) is 6.72%.


The total consumer debts to be paid off

Total credit cards (amount owed) $16,438.

Current car loan $5,931.

Current total student loan $1,487.

Other debt to pay off $167.

The total debts that need to be paid off $24,023.


The Mortgage Size

The appraisal value of the property is $418,750.

The property has a current loan of $268,000.

The total new loan size is $292,023.

The loan to value ratio on the property is 70%.


Calculated Monthly Payment

Each month the mortgage payment is $1,870.

An interest only monthly loan payment would be $1,612.

An interest only mortgage payment each month saves the borrower $258.


Articles:http://www.archerpacific.com/mortgage_rate.htm

 

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Posted by admin on January 26th, 2007

Debt Payoff - 15 Year Fixed Jumbo Debt Consolidation - January 26, 2007

Posted In: Free Calculators

Low-Rate Mortgage & Home Equity Loans
LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance


Mortgage Loan Summary

This mortgage scenario date is January 26, 2007.

The name of the loan applicant is Walter.

This borrower wants to pay off outstanding debts through consolidation.


Example Property Basics

The property is a single family residence.

This piece of real estate is located in Murrieta, California.

This property would be described as a primary residence.


Mortgage Type

The length of the loan in years will be 15.

The middle credit score on the credit report is 730.

The loan documentation level for this mortgage will be stated documentation.


Today's loan rates

The interest rate on this mortgage is 6.25%.

The APR will be 6.41%.


Current total consumer debts to be paid off

Current credit card debts $14,949.

Total current car loan $508.

Current student loans $1,322.

Additional debts to pay off $171.

The total debts to pay off $16,950.


Mortgage Size

The property would be considered worth approximately $410,000.

This property has a current loan of $262,400.

The new total loan size is $279,350.

The loan to property value (LTV) ratio on the property is 68%.


The Mortgage Payment

The monthly mortgage payment on this is $2,395.

An interest only monthly mortgage payment would be $1,455.

An interest only loan payment each month saves the borrower $940.


Articles:http://www.archerpacific.com/quick%20tips%20on%20real%20estate%20appraisals.htm

 

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Posted by admin on January 25th, 2007

Refinancing Program - 3 Year Fixed Jumbo (Bad Credit) Refinance - January 25, 2007

Posted In: Free Calculators

Low-Rate Mortgage & Home Equity Loans
LendingTree Mortgage Refinance Loan

Mortgage Purchase or Refinance

 

Mortgage Profile

This mortgage scenario is for January 25, 2007.

The mortgage applicant's name is Melissa.

This borrower wants to do a refinance.


Example Property

The real estate is a single family residence.

The mortgage will take place in Albany, California.

The property type is a primary residence.


Loan Type

The loan has a length in years of 30.

The borrower has a current credit score of 730.

This loan will have full documentation.


Current mortgage rates

The interest rate on this mortgage is 6.38%.

The annual percentage rate will be 6.47%.


The Loan Size

The appraisal value of the property is $383,750.

The current mortgage on the property is a $245,600.

The borrowers wants to cash out around $61,400.

The new total loan size will be $307,000.

The loan to property value (LTV) ratio is 80%.


The Mortgage Payment

Every month the mortgage payment will be $1,915.

The monthly payment on an interest only mortgage would be $1,631.

This is smaller than a regular monthly payment by $284. 


Articles:

http://www.archerpacific.com/Refinancing%20Mortgage%20Calculator.htm

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Posted by admin on January 5th, 2007

Financial Budget

Posted In: Mortgage Basics

Whether you live alone or you are responsible for a huge family, you have to pay bills, pay for expenses and plan for the future. And the most prudent way of managing your monthly income and expenditure is with a household budget. A household budget allows you to document your income and expenses, find fiscal patterns and learn how to stretch your money a little bit further.

Homeownership and Household Budgets

Maintaining a household budget is easier for some people than for others. But the importance of a household budget is often under-appreciated. Not paying attention to your personal finances is similar in many ways to leaving a child unattended: in a short period of time and with weak discipline, you can find yourself in a real mess! In the case of your income and expenses, bills will get missed, late payments will get charged and ultimately your property and personal goals will be put in jeopardy.

That's not to say you need to micro-manage your income and expenses. But knowing where your money is going is critical when you're trying to purchase a home or refinance your mortgage. Apart from knowing how much home you can afford and projecting long-term goals, maintaining a household budget helps to infuse fiscal discipline, which has a positive impact on your credit rating. This in turn, makes you more attractive to potential lenders and helps you to get a better mortgage.

Plan Big

One of the key concepts behind a household budget is "plan big." Don't just look at how much you can save next month: examine how you can save money on a monthly basis for the foreseeable future. This method is especially important if you have an adjustable rate mortgage and expect your payments to increase in the next year or two. If you anticipate an increase in your future expenses, try to put a bit of money aside in savings. That might mean fewer trips to restaurants or the movies, but isn't that better than the stress of foreclosure or insurmountable debt?

For true long-term planning, talk to a financial planner. They can help you formulate a comprehensive financial strategy. Alternatively, if you want to learn how your mortgage can play a positive role in your future fiscal goals you can consult with an ALP mortgage planner. Whether you're purchasing a new home or refinancing your existing home, these experienced and ethical mortgage professionals can help you get a mortgage that benefits you now and in the years to come. They can show you how to use your mortgage to increase your net worth and stabilize your long-term expenses.

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Posted by admin on January 5th, 2007

Reverse Mortgage

Posted In: Mortgage Basics

Reverse mortgages have gained a lot of attention in recent years as retired homeowners have sought new ways of using their equity and mortgage balance to satisfy their monthly expenses.

How It Works

Borrowers who obtain a reverse mortgage get cash back from the lender equivalent to the value of their home minus any remaining mortgage balances they still owe. So a homeowner whose home is worth $300,000, and whose current balance is $100,000, could obtain a reverse mortgage that would see them gain $200,000 back from the lender. This cash return can be made either as a lump sum or in monthly installments. The debt on the property increases with each cash installment the borrower gets back via the reverse mortgage. The balance of the reverse mortgage must be paid after the borrower dies or moves out of the property.

Benefits

The growth in popularity of reverse mortgages has led to a greater number of reverse mortgage products and more lenders offering them. Reverse mortgages have proved particularly popular with baby boomers, who tend to have an assertive and optimistic outlook on personal finances.

A reverse mortgage can be a real boon for people who own their home outright and are in their twilight years. They can borrow against the equity they have diligently accrued to pay for life's necessities. This is especially true in today's climate of rising medical expenses and dwindling pensions.

Restrictions and Pitfalls

There are several restrictions on reverse mortgages. Chiefly, borrowers must be at least 62 years of age, and the amount of cash the borrower can obtain from a reverse mortgage depends on their age, as well as other factors. Also, only one mortgage - the reverse mortgage - is allowed on a given property. All existing second mortgages are paid in full from the proceeds of the reverse mortgage upon its signing.

As with any mortgage product, reverse mortgages should not be taken lightly. Poor planning can leave a reverse mortgage borrower facing significant debt, just as his or her monthly income is shrinking and health deteriorating. In addition, reverse mortgage contract terms can be complex and very confusing, making it easy to be caught by unexpected nuances. And reverse mortgages require a lot of fees. In the end, a misunderstood and poorly constructed reverse mortgage can cost a homeowner a lot more money than a conventional second mortgage.

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