OK new approval this time it's ASC taking in the you know what! Here is what the Borrower had and now has!
OLD TERMS
$387,490.62 Principal Balance
6.225% Interest Rate
$2,263.91 PITI -Payment included taxes and insurance
NEW TERMS
218,500.00 Principal Balance
2.225% for the first 5 years
4.00% is the cap or the highest the interest rate can go.
$957.42 PITI - New Payment includes taxes and insurance
$1117.74 PITI -New Payment includes taxes and insurance after 6 years!
Bank will forgive $189,459.20 of the total balance of $407,959.20 if the borrower does not miss a payment for the next 3 years!
Check out the APPROVAL HERE!
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