Help Refi
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 33% |
| Lender Rate: | 11% | Borrower: | bemore |
| Finished | State: | IN | |
| Funded: | 100% | Group: | ICAN Money |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-03-23 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Mar 23, 2007 | Current |
| Nov 03, 2008 | Payoff in progress |
| Nov 07, 2008 | Paid |
|
Seven years ago we refinanced our home for funds to help get my sign business started. Our home appraised for over $250,000. We chose an adjustable rate mortgage whihc iin the last two years has gone up to over 10%, increasing our mortgage payment to about $2400 per month. Only $130 of that goes to the principle. With the housing market slumping here, the value of our home dropped. We have just had it appraised at $240,000. (One year ago it appraised for $225,000) We have been approved for a mortgage for $240,000, but will need to bring $17,000 to the table to pay for closing cost and the balance on the existing mortgage. Our new mortgage payment would be about $1500. Our combined income from military retirement, corporate retirement, annunity, my sign business, my wife's yoga teaching is over $50,000 per year. Between the Prosper loan and the new mortgage, we would be paying about $400 less than we are now. My sign business has shown steady growth for over 7 years now. This year we are expanding and anticipating over 25% growth as I have hired outside sales. We have developed a very stable, consistent client base through offering excellent service and competitive pricing. We provide solutions. In over 40 years of marriage, we have never defaulted on a loan but have moved 19 times. Our credit has remained excellent. It is our intention with this loan to pay down our current mortgage to below the $240,000 figure, retain enough for closing, repay Prosper Loan in 3 year and use the found money to pay down other debt. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 100289 | Lean months | AA | $5,000 @ 8% | Feb 16, 2007 | Withdrawn |
| 301230 | Consolidate High Interest Loan | B | $10,000 @ 12% | Apr 13, 2008 | Withdrawn |
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