Eric's Credit Community

Lenders:

This loan request is to accomplish the following objectives:

1. Lower my DTI ratio, increase my credit score, consolidate bills to increase my cash flow, refinance mortgage

Our mortgage broker/lender delayed processing our refinance request, our house lost $60,000 in value during the process and therefore changed our LTV. We plan to pursue the process again but after the FHA/FNMA/FMAC revisions have been fully executed.
The inquiries are due to the lenders that we met with to work through our situation. There were a lot of empty promises made and unfortunately created this issue for us.
A sample of the bills I?d like to pay with this Prosper loan are:

1. Cash Call Loan
• Balance - $2,700
• Payment - $257
• Interest Rate ? 59%
2. Credit Card #1
• Balance - $4,900
• Payment - $150
• Interest Rate ? 14.99%
3. Prepay Insurance for 2008
• Balance $2,000
• Payment $179
4. Car Loan
• Balance - $6,000
• Payment - $335.00
• Interest Rate ? 8.25%

By the loan, credit cards and prepaying the insurance, I will get a lower payment and get a better interest rate. Approximate new Prosper rate = 18.00% and a payment of approximately $600.00 for a total savings of $500.

I offer a generous interest rate for my credit profile and I know you will not lose by funding my loan. I appreciate your consideration and review of my request. Thanks!