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I had no mortgage on my property when my son asked me for a loan. As a good mother, I figured out a way to lend my son the money. I refinanced my home and took out a $500,000 loan. I thought the rate on the loan was outrageous, but I agreed anyway. I was paying 9.87% on an adjustable mortgage, with a payment of almost $4,000 per month. Modco, Inc. was able to successfully negotiate my rate to a 5% fixed mortgage for the next 5 years. Now, I am saving over $1,300 per month, which is $78,000 over 5 years! |
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Cathy |
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Staten Island, New York |
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I had a mortgage on my property of $345,000, with a principal balance of approximately $337,000 and an adjustable rate of 8.125%. My payments were approximately $2,500 per month. Unfortunately, the market value of my condo fell to approximately $220,000. Modco negotiated to reduce my principal to current market value, and re-amortized my loan to that new amount. Now my payment is $1,653 per month. I am saving almost $1,000 per month over the remaining 27 years of my loan! All Thanks To Modco,Inc. |
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Tyrone |
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West Palm Beach, Florida |
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