Refinancing Program - 3 Year Fixed Jumbo (Bad Credit) Refinance - January 25, 2007
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Mortgage Profile This mortgage scenario is for January 25, 2007. The mortgage applicant's name is Melissa. This borrower wants to do a refinance. Example Property The real estate is a single family residence. The mortgage will take place in Albany, California. The property type is a primary residence. Loan Type The loan has a length in years of 30. The borrower has a current credit score of 730. This loan will have full documentation. Current mortgage rates The interest rate on this mortgage is 6.38%. The annual percentage rate will be 6.47%. The Loan Size The appraisal value of the property is $383,750. The current mortgage on the property is a $245,600. The borrowers wants to cash out around $61,400. The new total loan size will be $307,000. The loan to property value (LTV) ratio is 80%. The Mortgage Payment Every month the mortgage payment will be $1,915. The monthly payment on an interest only mortgage would be $1,631. This is smaller than a regular monthly payment by $284. Articles: http://www.archerpacific.com/Refinancing%20Mortgage%20Calculator.htm |
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