Cashing Out From A Property - 5 Year Fixed (Bad Credit) Refinance - January 30, 2007
|
Loan Background This loan example date is for January 30, 2007. The loan applicant's name is Sandra. The mortgage is to get a refinance. Property Profile This piece of real estate is a townhouse. This piece of real estate is in Marina, California. The property is a primary residence. Mortgage Background This loan has a length in years of 30. This borrower's middle credit score is 730. This mortgage will have stated documentation. Today's current interest rates The example mortgage rate on this new loan will be 6.25%. The current annual percentage rate will be 6.35%. The Loan Amount This property is currently worth around $412,500. The loan on the property is a $264,000. The borrower cash out will be around $66,000. The new loan size is $330,000. The loan to property value (LTV) ratio on the property is 80%. Calculated Monthly Payment Each month the mortgage payment is $2,032. If this were an interest only loan the monthly payment would be $1,719. In this example the interest only payment is lower than the regular monthly payment by $313. Articles: |
Leave a Reply