There are pros and cons to both approaches. For a recast, you don’t need to apply for a new loan, so there’s no credit check, no need for proof of income, etc. However, not every type of mortgage is able to be recast; FHA and VA generally don’t qualify for recasting, and the ability to recast jumbo loans varies from lender to lender.
For example, if you’re 6 years into a 30-year mortgage, once you recast your loan, you will still have 24 years remaining to pay it off. For recasting to work, lenders require an additional lump sum payment to reduce your balance. The size of that additional payment impacts how much you can save with a loan recast.
Pros of recasting. You’ll reduce your monthly mortgage payment. While your interest rate doesn’t change, you’ll pay less in interest over remaining life of the loan. You don’t have to go through a credit check again since you already have the loan. You’ll avoid the cost of refinancing. You’ll have more cash each month. Cons of recasting
In short, a mortgage recast takes your remaining mortgage balance and divides it by the remaining months of the mortgage term to adjust the monthly payment downwards (or upwards). Let’s focus on the downward portion for now. The downside to mortgages is that the monthly payment doesn’t drop if the balance is paid faster.
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What are the pros and cons of mortgage recasting? Mortgage recasting can help you lower your monthly mortgage payment while keeping the same interest rate. Since you recast your mortgage with your existing lender, the process is pretty straight forward. You make the initial large payment, your.
Benefits of recasting. The benefit of a mortgage recast is simple: It lowers your monthly payments, making your housing costs more affordable.
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