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Summary (1/4/12) Current P&I Payment = $2,268.28 – 4.375% with 12 Years and 5 Months left ($337,973.72) Current Auto Payment = $414.24 – 2.9% with 53 Payments.

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Presentation on theme: "Summary (1/4/12) Current P&I Payment = $2,268.28 – 4.375% with 12 Years and 5 Months left ($337,973.72) Current Auto Payment = $414.24 – 2.9% with 53 Payments."— Presentation transcript:

1 Summary (1/4/12) Current P&I Payment = $2, – 4.375% with 12 Years and 5 Months left ($337,973.72) Current Auto Payment = $ – 2.9% with 53 Payments Left ($21,954.72) Current Total Payments = $2, ($359,928.44) Refinance – 1 Point at Closing = $2,850 – $285,000 for % for 3.581% APR – New Mortgage P&I Payment = $2, – Savings Per Month = $ – 31 More Months = $ 62, – Total Payments = $363,594.60

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5 Call on 1/6/12 Talk to a Loan Officer – Mon. - Fri. 8 a.m p.m. ET – Sat. 8 a.m. - 8 p.m. ET Service for existing loans Spoke with loan officer Kevin Knight ( Bedford, NH)

6 Call on 1/6/12, Cont. 15 year fixed for $285,000 – 0 points 3.625%, P&I $2, – 1 point 3.375%, P&I $2, (82 months to recover $2,850) 10 year fixed for $285,000 – 0 point 3.375%, P&I $2, – 1 point 3.000%, P&I $2, (58 months to recover $2,850) Closing costs $2,500 total – $465 on CC for appraisal & credit report – $2,000 can be taken out of loan amount leaving $283,000 Payoff of $261,000 for mortgage gives us a check for $22,000 at the closing; after we pay $21,000 for car, we have $1,000 left Break even in 29 months – 261,000 * / 100 / 12 = interest/mo. – 285,000 * / 100 / 12 = interest/mo. – 2,500 / ( – ) = 28 months – Would be 16 months if we only did the $261,000 Early (12 year payoff) P&I is $2,443

7 Call on 1/6/12, Cont. 15 year fixed for $261,000 – 0 points 3.625%, P&I $1, Kevin ran the credit check and it came back good; I paid $465 via credit card to lock in and start the refinance process – Will two forms (IRS Tax Return Release and Select Accurate Title) to return by 1/11/12 – Should hear from appraiser by 1/13/12

8 Call on 1/6/12, Cont.

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