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Three very active children keep the Stevensons busy juggling soccer tournaments,
dance recitals and trumpet lessons. Funding all of these activities can be
expensive, which resulted in a number of high credit card balances and
consequently high monthly payments. They've also been trying to save money for
a family vacation, but haven't reached their savings goal yet. The value of
their house is $125,000 with $80,000 remaining on their loan. The Stevensons
have credit card bills totaling $15,000, and they'll need an additional $2,500
for their trip.
Solution:
By getting a Home Equity Term Loan for $17,500, the Stevensons can consolidate
their bills, and pay one low monthly payment. They'll also have some extra
money left over for their family vacation.
| Home Value
|
$125,000
|
| Maximum LTV
|
x .80
|
|
|
| Maximum LTV
|
$100,000
|
| Mortgage Balance
|
- $80,000
|
|
|
| Maximum Loan Amount
|
$20,000
|
|
| Credit Card Bills
|
$15,000
|
| Vacation
|
$2,500
|
|
|
| Total Loan Amount
|
$17,500
|
$17,500 Term Loan at 120 month term at 8.99% APR = $221.58 Monthly Payment |
* The scenarios shown above are for explanatory and
informational purposes only and do not necessarily reflect terms and conditions
being offered by Dollar Bank. All loan applications are subject to Bank
underwriting and credit standards and specific loan product guidelines.
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