Refinancing Option - 3 Year Fixed Interest Only Option (Bad Credit) Refinance - January 27, 2007
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Mortgage Loan Basics This mortgage scenario date is January 27, 2007. The mortgage borrower's name is Raymond. The borrower's goal is to get a refinance on their property. Property Background This real estate property is a single family residence. This property is in Binghamton, New York. This property would be considered a primary residence. The Mortgage Type Number of years it will take to pay off the loan is 30. This borrower has a current credit score of 745. The level of documentation for this mortgage will be stated documentation. Today's current mortgage rates The interest rate for this new loan will be 6.63%. The APR is calculated at 6.72%. Loan Amount The appraisal value of the property is $430,000. The current loan on this property is a $275,200. The cash out from this refinance is around $68,800. The new total loan size will be $344,000. The loan to value (LTV) ratio on the property is 80%. The Mortgage Payment The new payment each month is $2,203. An interest only monthly mortgage payment would be $1,899. An interest only payment each month saves the borrower $304. Articles: |
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