Refinancing Program Example - 15 Year Fixed Jumbo Refinance - February 4, 2007
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Mortgage Loan Summary The mortgage scenario is for February 4, 2007. The name of the loan applicant is Joyce. This borrower wants to do a refinance. Property Basics This property would be identified as a single family residence. The property is located in Woodland, California. This property would be identified as a primary residence. Mortgage Background Length of the loan in years is 15. The borrower has a current credit score of 720. The documentation level for this mortgage will be stated documentation. Loan rates today The mortgage rate on this new loan will be 6.25%. The APR is calculated at 6.41%. Mortgage Size This real estate is currently worth $383,750. The property has a current loan of $245,600. The cash out from this refinance is around $61,400. The new mortgage loan will be for $307,000. The loan to value (LTV) ratio on this property is 80%. The Monthly Mortgage Payment The new monthly payment is $2,632. If this were an interest only loan the monthly payment would be $1,599. This is lower than a regular monthly payment by $1,033. Articles: http://www.archerpacific.com/Buyers%20Cash%20To%20Close%20Mortgage%20Calculator.htm
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