Another Loan Modification Approval This time it's from IBM lender Business Process Services. The client’s old payment was $2,530.00 with taxes and insurance included. The new payment is $1,808.18 with Taxes and Insurance included. The 1st 5 years the interest rate is (2.75%) and borrower will save over $43,000.00. On the 6th year the interest goes to (3.75%) and then The interest rate caps at (4.125%) for the life of the loan. Take a look at the year savings versus the old loan terms!
Yearly savings over 28 years!
1 to 5 years interest rate (2.75%) Payment of $1808.18 with Taxes and Insurance =$43,000.00
6th Year interest rate (3.75%) Payment of $1950.99 with Taxes and Insurance = $6,948.12
7th Year interest rate (4.125%) Payment of $2,004.44 with Taxes and Insurance = $132,441.12
Grand Total = $182,389.24
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