Wednesday, September 14, 2011

Mortgage Refinance :California Home Improvement Loan(San Francisco)


California Home Improvement Loan : Their home is also worth far more than the new mortgage that is being proposed, even with the recent down turn in property values that are plaguing the country and in particular California. The proposed improvements to their home will no doubt increase the sales value of the home should they wish to sell their home at some future date. Outstanding questions we have for this applicant include : the amount of earthquake insurance they have on the home; property insurance; confirmation of asset value of the home; cursory examination of the plans and quotes for the work they plan to have completed  and confirmation of other current loans that either of them may have.

We also like the planning and the organization that this couple seems to have entered into regarding the improvements that they are contemplating. Several would fall into the maintenance category, i.e. the roof and the driveway, while the remainder are improvements which will enhance the value of the home both in terms of resale value as well as personal enjoyment.  We believe this applicant will be an excellent candidate to have this mortgage refinancing application approved.
Home Improvement /Mortgage Loan Amount :: $50,000

Home Loan Application and Processing Speed (when do you need the funds):: We would like to start this project over the next couple of months. We have the design finalized with the help of an architect friend of ours. He has even prepared the plans for us to follow. We need to hire the contractors, however we are obviously waiting until we have approval for the home improvement loan that we are looking for. While there is no specific date that we need to get this project started, we would like to have it completed within the next 6 months.
Do you currently have a mortgage? :: Yes, a small mortgage of $75,000 which we would like to merge with this new additional home improvement loan.
Bank Name and Branch :: Wells Fargo, Webster Street
What City/Town, State and County do you live in? :: San Francisco, California
Zip ::94124

What is your employment field? :: Tour guide at the Alcatraz Jail Museum
Employment Position :: Museum Manager
When are you paid? (monthly/weekly/biweekly):: Bi-weekly
Your credit rating to be – excellent, fair, or bad? :: Excellent, I think. We have not missed any payments on any loans or credit cards that I am aware of.
How did you find us? :: Searching for home improvement loans on the Internet
How are you paid? (direct deposit/paper check):: Both my wife and I are paid on a direct deposit basis.
Gross Amount Per Paycheck :: Combined family income – $ 85,000
Do you agree to have this information published online, without your PRIVATE information of course? :: Yes

Extra information here please (some detail):: While we do not make a lot of money combined, we both have stable jobs which we have been working at for over 15 years.  I am the manager at the museum in charge of transportation and ticketing. Basically I make sure that all of our tourists are transported safely and quickly on the museum ferry’s and that the ticket sellers have all of the information they need to enhance our sales and answer any questions that our guess may have. My team is also responsible for cash management. My wife is a legal secretary for a local lawyer in downtown San Francisco. She has also been with him for over 15 years. We are both very stable in our jobs.

Note to Lender :: We have lived in our home for over 15 years and only have a $75,000 mortgage on the home. Actually this is the balance remaining after 15 years of payments.  It is time to do some upgrades to our home. We need to replace the roof, install a new driveway, upgrade the front steps and siding as well as the landscaping. On the inside we plan to have the basement finished and also install new appliances in the kitchen. Our plans also include new cupboards and counter tops  for the kitchen as well as the single bathroom.  This is a lot of work and we plan to accomplish this all over the next six months in 3 stages.  Stage 1 is to get the basement work completed, stage 2 will focus on the kitchen and bathroom and the last stage will be all of the outdoor work.  As we mentioned earlier we have all of the plans for the landscaping, the kitchen and the basement work ready. So we think we have all of the planning work done and now need to proceed with getting some of the work completed. Your loan is required to help us accomplish this. The total refinanced loan amount will be $125,000 which is only 25% of the estimated value of the home.


Category: Home Mortgage Loan APR 3.17% APR 4.069% APR 4.812%
Loan Principal $50,000 $50,000 $50,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 15 30
Amount to be paid $54,027.79 $65342.47 $86188.88
Total interest paid $4,027.79 $15342.47 $36188.88
Paid per installment $888.13 $358.04 $236.13

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