Paying Debt Down With Home Equity - 3 Year Fixed Jumbo (Bad Credit) Debt Consolidation - February 3, 2007
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Mortgage Basics This loan example date is for February 3, 2007. The name of the mortgage borrower is Tammy. The borrower wants to consolidate and pay off debt. Example Property This property is a townhouse. This piece of real estate is in Savannah, Georgia. This property would be identified as a primary residence. The Loan Type The loan has a length in years of 30. The current credit middle score is 760. This borrower's loan will have stated documentation. Current mortgage rates The mortgage rate on this new loan will be 6.38%. The mortgage's annual percentage rate is 6.47%. Current total debts to be paid off Total credit card balances $15,732. Total auto loans $7,158. Total student loans $2,566. Other debts that need to be paid off $186. Total consumer debt to pay off $25,642. Mortgage Amount The property would be considered worth approximately $418,750. The property has a current loan of $268,000. The new mortgage will be for $293,642. The loan to value (LTV) ratio on the property is 70%. Calculated Monthly Payment The new payment each month is $1,832. The monthly payment on an interest only mortgage would be $1,560. In this example the interest only payment is lower than the regular payment by $272. Articles:http://www.archerpacific.com/mortgage_note_buyer.htm
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