Cashing Out From A Property - 5 Year Fixed Jumbo Refinance - January 30, 2007
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Loan Summary The loan example date is January 30, 2007. The loan borrower's name is Heather. This borrower's goal with the mortgage is to refinance their property. Example Property Summary This property would be identified as a townhouse. This mortgage will take place in Sierra Madre, California. This property would be considered a primary residence. Loan Background This loan has a length in years of 30. This borrower's credit score is 750. The documentation level for this loan will be full documentation. Today's current interest rates The example mortgage rate on the new loan will be 6.13%. The annual percentage rate will be 6.22%. The Loan Amount This property is currently worth around $400,000. The current mortgage loan on the property is a $256,000. The total amount of cash received is around $64,000. The total new mortgage loan size is $320,000. The loan to property value ratio is 80%. Calculated Monthly Payment The new payment each month is $1,944. If this were an interest only loan the monthly mortgage payment would be $1,633. An interest only loan payment each month saves the borrower $311. Articles: http://www.archerpacific.com/mortgage_qualification_worksheet.htm |
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