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Mortgage & Refinance Tips



Get tips and advice on mortgages, refinancing, and all things real estate finance.



Updated: 2014-10-04T22:34:04.771-07:00

 



Refinancing Program Example - 5 Year Fixed Jumbo (Bad Credit) Refinance Example - January 27, 2007

2007-01-27T13:53:45.166-08:00

Getsmart - This firm offers you quotes for a Mortgage Purchase or Refinance this company is good for borrowers with stronger credit.

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Mortgage Basic Profile

This loan example is for January 27, 2007.

The mortgage borrower's name is Timothy.

This borrower wants to do a refinance.

 

Example Property Basics

This residency type is 1-4 unit property.

This real estate is located in Charlotte, North Carolina.

This property would be considered a primary residence.

 

Mortgage Background

This loan has a length in years of 30.                                                                 

The most current credit middle score is 740.

The documentation level for this loan will be full documentation.

 

Loan rates today

The example interest rate on the new loan will be 6.38%.

The loan's annual percentage rate is 6.47%.

 

Loan Amount

This real estate is currently appraised at around $382,500.

This property has a current loan of $244,800.

The borrower will cash out around $61,200.

The new loan will be for $306,000.

The loan to value ratio on the property is 80%.

 

Calculated Loan Payment

The new monthly payment is $1,909.

If this were an interest only loan the monthly mortgage payment would be $1,626.

An interest only mortgage payment each month saves the borrower $283. 

 

Articles:

http://www.archerpacific.com/mortgage%20quick%20tips.html

Resources: LendingTree Mortgage Refinance Loan (image)