Refinancing Program Example - 3 Year Fixed Jumbo Refinance - January 30, 2007
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Mortgage Example The loan example here is for January 30, 2007. This borrower's name is Jose. This borrower's goal with the mortgage is to get a refinance done on their property. Property Example This property is a townhouse. This piece of real estate is in Brentwood, California. This property would be labeled a primary residence. Loan Type The length of the loan in years will be 30. The current credit middle score is 750. The documentation level for this loan will be stated documentation. Today's mortgage rates The interest rate for this new loan will be 6.13%. The loan's annual percentage rate is 6.22%. Mortgage Size The property would be considered worth approximately $391,250. The current mortgage on the property is a $250,400. This borrowers wants to cash out around $62,600. The new mortgage will be for $313,000. The loan to property value (LTV) ratio is 80%. Monthly Loan Payment Every month the mortgage payment is $1,902. If this were an interest only loan the monthly mortgage payment would be $1,598. An interest only mortgage payment each month saves this borrower $304. Articles: |
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