Cashing Out Through A Refinance - 3 Year Fixed (Bad Credit) Refinance - February 1, 2007
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Mortgage Basic Profile The loan example is for February 1, 2007. The name of the loan borrower is Sara. The borrower's goal with the mortgage is to get a refinance done on the property. Property The property would be considered a single family residence. The property is in Tucson, Arizona. This property is a primary residence. Mortgage Type The number of years it will take to pay off the loan is 30. The middle credit score on the current credit report is 740. This borrower's mortgage will have full documentation. Today's current mortgage rates The example mortgage rate on the new loan will be 6.25%. The current annual percentage rate is 6.35%. Mortgage Amount This property is currently worth approximately $406,250. This property has a current loan of $260,000. The borrower will cash out around $65,000. The new total loan size will be $325,000. The loan to value (LTV) ratio on this property is 80%. Mortgage Payment The new monthly payment is $2,001. If the loan were interest only the monthly payment would be $1,693. In this example the interest only loan payment each month saves the borrower $308. Articles: |
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