Refinance Loan - 3 Year Fixed Interest Only Option Refinance - February 7, 2007

Getsmart - This firm offers you quotes for a Refinance. It is a service of Lending Tree. You should be able to learn more about your loan options.

 

Loan Summary

The mortgage scenario is for February 7, 2007.

This borrower's name is Adam.

This borrower's goal with the mortgage is to get a refinance on the property.


Property Example

This residency type is townhouse.

This real estate is located in La Puente, California.

The property is a primary residence.


Loan Type

The length of the loan in years will be 30.

The most current credit score is 725.

The level of documentation for this loan will be full documentation.


Today's current mortgage loan rates

The example mortgage rate on the new loan will be 6.38%.

The annual percentage rate (APR) is 6.47%.


The Loan Size

This property is currently worth around $413,750.

This property has a current loan of $264,800.

The borrower will cash out around $66,200.

The new total loan size will be $331,000.

The loan to value ratio is 80%.


Monthly Loan Payment

The monthly payment is $2,065.

If the loan were interest only the monthly payment would be $1,758.

An interest only mortgage payment each month saves the borrower $307. 


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