Refinancing Program Example - 3 Year Fixed Jumbo Refinance - January 27, 2007
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Loan Background The loan example is for January 27, 2007. This borrower's name is Theresa. This borrower's goal is to get a refinance on their property. Property Summary The property would be considered a townhouse. This real estate is located in Huntington Beach, California. On the mortgage application this property would be identified as a primary residence. The Mortgage Type This borrower's loan term in years is 30. The credit report indicates that the credit score is 750. This loan will have full documentation. Today's current rates The mortgage rate on this new loan will be 6.13%. The current annual percentage rate is 6.22%. Mortgage Amount The property is currently worth $426,250. This property has a current loan of $272,800. The borrowers wants to cash out around $68,200. The new total loan will be for $341,000. The loan to property value (LTV) ratio is 80%. The Mortgage Payment Every month the mortgage payment is $2,072. If the loan were interest only the monthly mortgage payment would be $1,741. This is lower than a regular monthly payment by $331. Articles: |
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