Debt Payoff - 3 Year Fixed Jumbo Debt Consolidation - February 3, 2007
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Loan Background The mortgage scenario is for February 3, 2007. The loan applicant's name is Terry. The mortgage is to consolidate and pay off debt. Property Background This residency type is single family residence. The property is located in La Canada-Flintridge, California. This property would be identified as a primary residence. Loan Type The length of the loan in years is 30. The middle credit score on the current credit report is 745. This borrower's loan will have stated documentation. Today's loan rates The mortgage rate for this mortgage is 6.13%. The mortgage's annual percentage rate is 6.22%. Current total consumer debts to be paid off Current credit cards owed $278. Car loans $6,113. The total current student loan $689. All other debts that need to be paid $121. Total consumer debt to pay off $7,201. The Loan Size The property is currently worth $391,250. The property has a current loan of $250,400. The new mortgage will be for $257,601. The loan to property value ratio on this property is 66%. The Monthly Mortgage Payment The monthly payment is $1,565. With an interest only loan the monthly payment would be $1,315. An interest only payment each month saves the borrower $250. Articles:http://www.archerpacific.com/mortgage%20quick%20tips.html
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