Refinance Loan Type - 30 Year Fixed Jumbo Refinance - February 11, 2007
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Mortgage Loan Background This mortgage scenario is for February 11, 2007. The loan borrower's name is Harry. This borrower wants to get a refinance done on their property. Example Property Basics The real estate is a single family residence. This piece of real estate is in Portsmouth, Virginia. This property is a primary residence. Mortgage Background The loan has a length in years of 30. The credit report indicates that the credit middle score is 725. The loan documentation level for this mortgage will be full documentation. Today's loan rates The mortgage rate on this loan is 6.38%. The current annual percentage rate will be 6.47%. Mortgage Size The property would be considered worth around $376,250. The current loan on this property is a $240,800. The cash out from this refinance is approximately $60,200. The new loan size is $301,000. The loan to property value ratio on the property is 80%. Monthly Mortgage Payment Each month the mortgage payment is $1,878. An interest only monthly mortgage payment would be $1,599. In this example the interest only payment is lower than the regular payment by $279. Articles: http://www.archerpacific.com/mortgage%20quick%20tips.html
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