Secure Consolidation. DTI explained
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 217% |
| Lender Rate: | 15% | Borrower: | lcamd |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-11-27 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Nov 27, 2007 | Current |
| Feb 15, 2008 | Payoff in progress |
| Feb 21, 2008 | Paid |
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Summary: Consolidate high interest debt. Good financial situation. Help us lower our monthly expenses by over $300! Purpose of loan: Pay off high interest credit card debt of ~$12,000 and pay-off truck ~$3,000. My financial situation: The reason for the high DTI is that I am currently an architecture student working part-time. My husband is a teacher and makes exactly $43,701/yr (Baltimore City Public Schools Bachelor Degree Step 6). He also teaches in the summer, works part of the year making $15-20/hr in tips, and will make over $49,000 as he will complete his masters degree in the spring. He has maxed out his credit cards paying for school. His Experian credit score is 688 which would give him a prosper score of B and his approximate DTI is 30%. See the screen shot of his credit score in my pictures. We also own a house that we bought through the HUD Teacher Next Door Program in which teachers buy houses at 50% appraised value with a required residency of three years. We will meet that requirement on 9/13/08 and can then sell the house. By today's market value we have $40,000-60,000 in equity. We will definitely keep this loan for at least 1.5 years and likely the full 3 years. Monthly net income: ~$3600 Monthly expenses: ~$3070 Housing: $ 669.13 Insurance: $ 202.85 Car expenses: ~$600 Utilities: ~$250 Phone, cable, internet: $121.98 Food, entertainment: ~$400 Clothing, household expenses ~$200 Credit cards and other loans: ~$625 After consolidation expenses: ~2750 (Due to decreased monthly payments and no truck payment) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 225970 | Secure Consolidation with Equity | A | $15,000 @ 14% | Nov 08, 2007 | Withdrawn |
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