Cashing Out A Property - 15 Year Fixed Jumbo Refinance - January 27, 2007
|
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: |
Leave a Reply