This client is certainly in the drivers seat and likely will attract several competitive offers for a debt consolidation loan. He is looking for $150,000 to consolidate his current debts and lives in  Cleveland Ohio.

He is in the drivers seat because he has a great credit rating to begin with. His home is already appraised and he has  sufficient equity available to support this loan and he has a stable well paid job. He has applied based on a single income just case his wife decides not to work after they begin a family. She currently works as a nurse and he as a lab technician. Both jobs are jobs that will last in just about any economy.

In our example calculations, we have assumed both a 15 year mortgage term and a 30 year term to give this applicant some idea of what the monthly payments will be for these terms at the current interest rates.  He is looking for a competitive interest rate and he expects to be offered additional terms such as no processing fees, appraisal fees or legal fees to process his debt consolidation loan.

Competitive lending institutions will make these kinds of offers from time to time to their best clients. In this applicants case, he stands a very good chance to receive these kinds of offers from lenders just to obtain his business. His current mortgage holder will likely do the same thing in an effort to retain his business. If he plays his cards right he will be able to negotiate a very good deal with either his current lender or a new lender that will try to take his business away.

In terms of the appraisal of his home, there is a possibility that the lender will want to have their own appraiser take a look at the value of the home rather than accept the appraised value from an unknown party. This would be merely a safe guard move on their part to make sure they have an appraised value on file that is current. Based on the applicants information it appears that there is more than enough equity in the home to support a debt consolidation loan of this size.

Our lenders will be looking forward to having more discussion with this potential client.

Home/Mortgage Loan Amount :: $ 150,000

Home Loan Application and Processing Speed (when do you need the funds):: Within the next 90 days. Current mortgage term is coming due and we would like to consolidate our debt at that time.

Do you currently have a mortgage? :: yes, a small balance

Bank Name and Branch :: PNC Bank, East 5th Street

What City/Town, State and County do you live in? : Cincinnati, Ohio

Zip :: 45202

What is your employment field? :: Medical Technician

Employment Position :: Lab technician at a local hospital

When are you paid? (monthly/weekly/biweekly):: Weekly

Your credit rating to be – excellent, fair, or bad? :: Pretty good

How did you find us? :: searching for debt consolidation loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $ 1730

Do you agree to have this information published online, without your PRIVATE information of course? :: yes

Extra information here please (some detail):: We are looking for a debt consolidation loan or mortgage product that will allow us to take some of the equity out of our home and use it to consolidate our existing mortgage with two small loans and some credit card debt that we have. Our current mortgage term is up in 90 days and so we have started shopping now to try and see what is available and to lock in our mortgage interest rate as low as possible.

Since we are renewing our term for our mortgage we thought it would be a good time to also add to the balance of the mortgage and use these extra funds to pay off two small loans that we have and about $6000 in credit card debt that we also have. Between consolidating our debt and also renewing our mortgage with an interest rate that is lower  than what we currently pay, we believe that our monthly payment will be less as a result.

Note to Lender :: Both my wife and I work in the health industry. She is a nurse while I am a lab technician. We analyze blood and tissue samples to assess for disease and bacteria.  We have worked at the same hospitals for several years and we both have stable jobs. I only included my income on the application since we are also planning to start a family and have not decided if my wife will continue working outside the home after the baby is born.

We have a fair to excellent credit rating so we would expect excellent interest rate quotes as well and will be talking to several lenders to see who can offer us the best deal. We are definitely interested in a low interest rate, however other terms such as absorbing the appraisal cost and lawyers fees are also attractive to us.  Our home has already been appraised and we have been informed that there is more than enough unused equity in the home to support this new debt consolidation of our current mortgage and loans. Please respond with a competitive offer.

 

Category: Home Mortgage Loan	APR 4%	APR 5%	APR 4.5%
Loan Principal	$150,000	$150,000	$150,000
Payment Schedule	Monthly	Monthly	Monthly
Length of Term	15	15	30
Amount to be paid	$195246.91	$206558.64	$251527.40
Total interest paid	$45246.91	$56558.64	$101527.40
Paid per installment	$1069.85	$1131.83	$689.12

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