They have already sold their home in the LA area and are just waiting for it to pass through escrow before they will obtain the funds from the sale. They are going on a housing hunting trip in the near future to San Francisco.
The strategy that this applicant is planning for his move is that he wants to take all of the proceeds from the sale of his current home and apply them against a home he will buy in San Francisco. He would like to maximize his down payment in an effort to minimize his monthly payments on his new home. He is taking this approach instead of using some of the proceeds from the sale to pay for his moving costs. He plans to repay this loan in the first six months after completing his move to San Francisco.
We think that this applicant has everything well planned and that he is following a good strategy with regards to maximizing his down payment on the new home. He should be approved for a moving loan with no problem. Although he plans to repay this moving loan within the first six months, we believe he should take a loan with a term of 2 years or perhaps even 4 years to keep his monthly payments as a low as possible. He can repay the loan at any time regardless of which term he agrees to.
If he does agree to the 6 month term, the monthly payments will be very large which could put a financial strain on the family. Lower monthly payments associated with a longer term for the loan, will be much easier to handle particularly if he wants to carry the loan past the 6 month objective he has set for himself. Readers can review the loan details at the bottom of this post. Note the change in monthly payments based on interest rates and the length of the term for the loan. The changes are significant when you compare the monthly payment for a six month term compared to a 4 year term.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Moving Loan Amount :: $ 15,000
Home Loan Application and Processing Speed (when do you need the funds):: within two months time, our house is sold and we will be moving two months from now
Do you currently have a mortgage? :: yes, however it will be discharged once the home sale closes
What City/Town, State and County do you live in? :: Riverside, Los Angeles, California
Zip :: 92501
What is your employment field? :: Insurance adjuster
Employment Position :: Regional insurance adjuster
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: searching on the web, also referral by our moving company
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck ::$ 4807.00
Do you agree to have this information published online, without your PRIVATE information of course? :: ok
Extra information here please (some detail):: I am taking a new job in San Francisco with a company that provides adjustment services to the life insurance and property insurance companies. I am currently in this field in Los Angeles, however the opportunity in San Francisco will be an increase in salary and also provide us with a better environment that what we currently have in the LA area.
Since I have decided to take this job, I have to pay for our own moving expenses which will add up to quite a bit. We have to pay for all of the packing material and also the packers as well as shipment and off loading of the truck at our new home. Our home in the LA area is sold and we are going house hunting very soon in San Francisco next week. since I will already be working in San Francisco on the move day, we really need a full service moving company to move us. We know that this will cost quite a bit and that is why we are applying for the loan.
Note to Lender :: I have an excellent credit rating and although I am starting a new job, it will be a step up for me and it will mean more money. We could use some of the proceeds from the sale of our home to pay for the moving expenses, however we want to maximize our down payment on a home in the San Francisco area so that our monthly mortgage payments will be as low as possible. We can pay the moving loan off quickly once we are settled into your new home.
We have no other loans and we keep our credit cards fully paid off to avoid the high interest rate charges that the credit card companies charge on all of their products.
|Category: Home Mortgage Loan||APR #5%||APR 6%||APR 7%|
|Length of Term||6 months||2 years||4 years|
|Amount to be paid||$15218.71||$15937.32||$17143.35|
|Total interest paid||$218.71||$937.32||$2143.35|
|Paid per installment||$2501.71||$654.96||$352.26|
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