3 Year Fixed (Bad Credit) Purchase - Portsmouth, Virginia Example - February 1, 2007
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LendingTree Loan
Loan Profile The date for this mortgage scenario is February 1, 2007. The name of the loan borrower is Carolyn. This borrower's goal is to purchase a piece of real estate. Example Property Basics The real estate is a condominium. The property is located in Portsmouth, Virginia. This property would be considered a primary residence. Mortgage Type The loan has a length in years of 30. The borrower has a current credit score of 755. This loan will have stated documentation. Current mortgage rates The interest rate on this mortgage is 6.25%. The mortgage's annual percentage rate will be 6.35%. The Mortgage Size The current property is worth $400,000. The downpayment % is 20%. The new mortgage will be for $320,000. The loan to value (LTV) ratio on this property is 80%. Monthly Mortgage Payment The monthly mortgage payment on this is $1,970. An interest only monthly mortgage payment would be $1,667. This is smaller than a regular monthly payment by $304.
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