Refinancing A Property - 5 Year Fixed Interest Only (Bad Credit) Refinance - February 11, 2007
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Loan Basics This mortgage scenario date is February 11, 2007. The name of the loan applicant is Daniel. The borrower wants to get a refinance the mortgage. Example Property The real estate is a single family residence. This real estate is in Pueblo, Colorado. The property is a primary residence. The Loan Type The length of the loan in years will be 30. The current credit report indicates that the credit score is 755. The documentation level for this mortgage will be full documentation. Today's mortgage rates The mortgage rate on this new loan will be 6.63%. The annual percentage rate (APR) is 6.72%. Loan Amount The appraisal value of the property is $422,500. The current loan on this property is a $270,400. The total amount of cash received is around $67,600. The new mortgage will be for $338,000. The loan to value (LTV) ratio on this property is 80%. Monthly Payment The monthly mortgage payment on this is $2,164. If this were an interest only loan the monthly mortgage payment would be $1,866. This is lower than a regular monthly payment by $298. Articles: http://www.archerpacific.com/mortgage%20quick%20tips.html
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