Using Equity To Pay Off Debt - 5 Year Fixed Interest Only (Bad Credit) Debt Consolidation - January 26, 2007
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Mortgage Loan Summary This mortgage example takes place on January 26, 2007. The name of this borrower is Frances. This borrower's goal with the mortgage is to consolidate and pay off debt. Example Property Summary The real estate is a condominium. This property is in Lexington, Kentucky. This property would be identified as a primary residence. Mortgage Type This borrower's loan term in years is 30. The credit report indicates that the credit score is 735. The documentation level for this loan will be stated documentation. Loan rates today The example mortgage rate on this new loan will be 6.63%. The annual percentage rate (APR) is 6.72%. The total consumer debts to be paid off Total credit cards (amount owed) $16,438. Current car loan $5,931. Current total student loan $1,487. Other debt to pay off $167. The total debts that need to be paid off $24,023. The Mortgage Size The appraisal value of the property is $418,750. The property has a current loan of $268,000. The total new loan size is $292,023. The loan to value ratio on the property is 70%. Calculated Monthly Payment Each month the mortgage payment is $1,870. An interest only monthly loan payment would be $1,612. An interest only mortgage payment each month saves the borrower $258. Articles:http://www.archerpacific.com/mortgage_rate.htm
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