Mary Salzer

  

Truth with the modification the new payment will be higher than the present payment, however, not as high as it could be if it went to full adjustment when that comes due. The thing that you should ask for is Capitalization of the Taxes or the 6200.00 to the loan to make it easier to do. This will raise the loan balance, however, with a reasonable rate, nothing like the cost of the 6500.00 over 3 years or 1 year. Probably about 60 to 75 dollars a month, just for the taxes, and I do not know what rate they will set it at, but only if they capitalize that lump sum to the payment, which is add it to the principal of the loan and recompute the monthly payments that way. If they set it to higher rate over all the payment will go higher than the 75.00/mo to accommodate the new rate. Ask for the capitalization, that is important.