Refinancing Program - 30 Year Fixed Jumbo (Bad Credit) Refinance - February 1, 2007
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Mortgage Loan Summary The date for this mortgage scenario is February 1, 2007. The name os the mortgage applicant is Marilyn. This borrower's goal with the mortgage is to get a refinance on the property. Property Background The property is a single family residence. The property is located in San Ramon, California. The property type is a primary residence. Loan Background The mortgage has a length in years of 30. The borrower's credit middle score is 735. The documentation level for this mortgage will be full documentation. Current mortgage rates The example mortgage rate on the new loan will be 6.63%. The annual percentage rate (APR) will be 6.72%. Loan Amount This real estate property is currently worth $390,000. The property has a current mortgage of $249,600. The borrowers wants to cash out around $62,400. The new total loan will be for $312,000. The loan to property value ratio on this property is 80%. Calculated Monthly Payment The new mortgage payment each month is $1,998. An interest only monthly payment would be $1,723. In this example this is smaller than a regular monthly payment by $275. Articles: |
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