If you've found that a refinance isn't for you, there may be another option for lowering your monthly mortgage payments — if you can pull.
Some mortgage lenders allow their customers to reduce their monthly payments by recasting their existing loans. This practice is also referred to as re-amortizing. Here’s how it works. You pay a certain amount of money to reduce the unpaid principal balance on your loan, and the new (lower) amount is then re-amortized.
In this case, you could benefit from recasting your mortgage to a lower monthly payment. Mortgage Recast Example. Original loan amount: $250,000 Mortgage interest rate: 4% Original monthly payment: $1,193.54 current balance: 5,000. Let’s assume you started out with a $250,000 loan amount on a 30-year fixed mortgage set at 4%.
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Also known as "recasting" a mortgage, the benefit of the strategy is that by stretching the new account balance out over the original time period, the monthly mortgage payment obligation is decreased.
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Just as it seems mortgage rates can’t get any lower. are making extra payments or doing what’s called recasting the loan, where you make a large lump-sum payment on the principal and have the.
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I was considering a move that would result in a temporary decrease in pay, so throwing it at the mortgage and recasting would lower my monthly payment by about $1500. In the end I didn’t do it, but that is the only type of situation where it might make sense.
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Other customers opt for a free biweekly mortgage payment plan to pay off. "If your main goal is to reduce your monthly payments rather than pay off your loan faster, a recast could be a good option.
Many homeowners may be familiar with mortgage refinancing as a way to change the terms. to lower monthly payments with fewer steps and costs: recasting.
Mortgage Loan Recast – Fact Sheet. Did you know you may be able to lower your monthly payment without the stress of refinancing? You may qualify for the.
A mortgage recast is a way to possibly lower your monthly payments without getting a new loan. It can be an easy cash flow fix, and you can often save money over the remaining life of your mortgage loan.