Don’t Refinance- Recast Your Home Loan!
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Most lenders don’t advertise that they offer recasting (they would rather make a lot of free money from refinancing or from keeping you on your existing mortgage terms). So be sure to ask your lender if they offer recasting, and if so, whether or not your mortgage qualifies.
How mortgage recasting works and how it can save you money. monthly payments, first make sure your lender offers recasting – many don't.
Andrea Trout, Senior Loan Consultant with Caliber Home Loans, explains how to structure a non-contingent purchase by using the option to recast your loan.
When trying to reduce your monthly payments, the majority of borrowers will need to decide between recasting or refinancing their existing home loan. While a mortgage recast may not always be an option, a mortgage refinance is a valid alternative, depending on where interest rates are.
Even if you don’t qualify for, or just don’t want to bother with, a mortgage refinance, you may be eligible for a loan recast. In a recast, you pay a significant amount of money to reduce the principal balance of your mortgage loan. Once you do this — say, by paying $10,000 to reduce your loan’s principal balance.
If you recast your loan, and then lose your job, you can’t get that cash back unless you sell your home or borrow against your home equity. In an uncertain world, consider carefully all.
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Recasting vs. shortening your mortgage. You really have to know your plan for your mortgage and run the numbers to figure out the best option for you. If you plan on consistently over-paying your mortgage, then recasting won’t provide much of a benefit.
Mortgage Recasting. Recasting is different than refinancing. With a mortgage recast, you keep your current lender and mortgage loan. Recast Mortgage for Lower Payments. If you want to lower your monthly payment and have at least $5,000 to contribute, you can request a mortgage recast. In this scenario, you don’t change the interest rate or.
Recasting a mortgage allows you to get a lower payment after paying. and the payments generally don't change over the life of your loan unless you have an.