Paying Off Credit Cards and Other Debt - 30 Year Jumbo (Bad Credit) Debt Consolidation - January 29, 2007
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Loan Summary The mortgage example takes place on January 29, 2007. The borrower's name is Joe. This borrower's goal with the mortgage is to consolidate and pay off debt. Property Example This property would be identified as a single family residence. The mortgage will take place in Arcadia, California. The property type is a primary residence. Loan Background Number of years it will take to pay off the loan is 30. The borrower has a current credit middle score of 725. The level of documentation for this mortgage will be stated documentation. Today's mortgage rates The mortgage rate for this mortgage is 7.50%. The current annual percentage rate is 7.60%. Total Consumer Debts Current credit card balances $5,917. Total car loans $1,076. Student loan amount $351. Other debts to pay off $188. Total consumer debt to pay off $7,532. Loan Size The property is currently worth $402,500. The property has a current mortgage of $257,600. The new mortgage will be for $265,132. The loan to value (LTV) ratio on the property is 66%. Monthly Loan Payment The new monthly payment is $1,854. If the loan were interest only the monthly mortgage payment would be $1,657. This is smaller than a regular monthly payment by $197. Articles:http://www.archerpacific.com/zero%20down%20financing.htm
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