Paying Debt Down With Home Equity - 40 Year Mortgage (Bad Credit) Debt Consolidation - February 3, 2007
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Mortgage Basics The mortgage scenario is for February 3, 2007. The name of the loan borrower is Tina. The borrower's goal with the mortgage is to get rid of debt through consolidation. Property Basics The property is a single family residence. The mortgage will take place in Windsor, California. The property type is a primary residence. The Loan Type The length of the loan in years will be 40. The borrower has a credit score of 750. The mortgage will have full documentation. Today's mortgage rates The interest rate for this new loan will be 6.63%. The annual percentage rate will be 6.71%. The total debts that need to be paid off is Total credit card balances $1,351. Outstanding car loans $5,935. Student loans $523. Other debt that need to be paid off $165. The total debts that need to be consolidated $7,974. The Mortgage Size This real estate is currently worth $391,250. The mortgage on the property is a $250,400. The total new mortgage size is $258,374. The loan to value (LTV) ratio is 66%. Calculated Monthly Payment The monthly mortgage on this will be $1,536. If the loan were interest only the monthly payment would be $1,426. In this example the interest only loan payment each month saves the borrower $109. Articles:http://www.archerpacific.com/mortgage%20quick%20tips.html
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