Cashing Out A Property - 3 Year Fixed Refinance - February 7, 2007
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Mortgage Loan Basics The date for this mortgage scenario is February 7, 2007. The name of the borrower is Joyce. The borrower wants to get a refinance the property. Property Background This real estate would be considered a single family residence. This real estate is located in Garland, Texas. This property would be identified as a primary residence. Mortgage Type The length of the loan in years is 30. This borrower's credit score is 745. The level of documentation for this loan will be stated documentation. Current loan rates The example interest rate on the new loan will be 6.00%. The loan's annual percentage rate wil be 6.09%. The Loan Size The property would be considered worth approximately $402,500. The mortgage on the property is a $257,600. The total amount of cash received is approximately $64,400. The total new mortgage loan size is $322,000. The loan to value ratio is 80%. Calculated Loan Payment The payment each month is $1,931. If this were an interest only loan the monthly payment would be $1,610. An interest only loan payment each month saves the borrower $321. Articles: http://www.archerpacific.com/mortgage%20quick%20tips.html
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