Refinancing Program - 30 Year Fixed (Bad Credit) Refinance - February 3, 2007
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Mortgage Loan Basics This loan example is for February 3, 2007. The borrower's name is Edward. This borrower wants to get a refinance done on the property. Property Basics The property would be considered a 1-4 unit property. This real estate is located in Buffalo, New York. This property type is a primary residence. Loan Type The length of the loan in years will be 30. The current credit report indicates that the credit score is 755. The loan will have full documentation. Today's mortgage rates The interest rate on this mortgage is 6.38%. The mortgage's annual percentage rate is 6.47%. The Mortgage Amount This real estate property is currently worth $400,000. This property has a current loan of $256,000. The cash out from this refinance is around $64,000. The new loan will be for $320,000. The loan to property value ratio on this property is 80%. Monthly Payment Every month the mortgage payment is $1,996. If this were an interest only loan the monthly payment would be $1,700. This is lower than a regular monthly payment by $296. Articles: |
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