The tax is based on the amount of money the new mortgage represents.
"We closed in June on a new mortgage and cut the rate 4 1/2 points."
The new mortgage is for 10 years, at which time the balance of $2 million will have to be paid.
The average life of a new mortgage entered into in 1988 was about six years.
The interest rate on the new mortgage is fixed at 5.875 percent.
In addition, the building is expected to get a new $1.1 billion mortgage at a fixed rate.
Instead, they must be written off over the entire term of the new mortgage.
Today, such loans are more than half of its new mortgages, up from 27 percent two years ago.
He had a wife, two young children and a new mortgage on a house in Buffalo.
They had considered putting him in a home but with the new mortgage that was out of the question.
