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