Paying Down Debt - 30 Year Jumbo Debt Consolidation - January 29, 2007
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Mortgage Loan Summary The loan example takes place on January 29, 2007. The name of this borrower is Shirley. The borrower's goal with the mortgage is to consolidate debt. Example Property Summary This property is a single family residence. This piece of real estate is in Lakewood, California. This property would be described as a primary residence. Loan Type This loan has a length in years of 30. The credit report indicates that the credit middle score is 730. The level of documentation for this loan will be full documentation. Today's mortgage rates The interest rate on this mortgage is 7.25%. The mortgage's annual percentage rate is 7.35%. Total consumer debts to be paid off Total Credit cards $2,719. Car loans $4,374. The total current student loan $2,636. Other debt that need to be paid off $153. The total of debts to consolidate $9,882. The Loan Size This real estate property is currently worth $422,500. The current loan on the property is a $270,400. The new mortgage loan will be for $280,282. The loan to property value ratio on the property is 66%. Mortgage Payment The new payment each month is $1,912. If this were an interest only loan the monthly payment would be $1,693. In this example the interest only loan payment each month saves the borrower $219. Articles:http://www.archerpacific.com/mortgage%20quick%20tips.html
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