If you really want to save money, the best choice might be to pass on recasting and refinancing. Instead, prepay your mortgage (whether in a lump-sum or over time), and keep making the large required payments as well. If you recast, you gain the ability to make smaller payments, which might feel nice-but you don’t pay off debt any faster.
Should You Choose a Fixed or Variable? you’ll have an important decision to make — should you refinance with a fixed-rate or a variable-rate loan? The type of loan you choose can have long-lasting repercussions, so we’re going to cover.
because recasting reduces your monthly payment. Whether you save $1,000 a month or $1,250 a month outside the mortgage with the intent of making a prepayment later, however, doesn’t make much sense.
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A recast is also different from merely sending in a lump sum to prepay your mortgage. and a recast may be a better option. Pros of a recast mortgage. Mortgage Recast vs. Refinance: Which is Best? – SOCLOAN – If you’re looking to save money on your mortgage, you have several options. Refinancing and recasting a mortgage will both bring.
Recast mortgage vs extra payments or prepayment. Generally you can recast a loan more than once. Keep in mind that recasting a mortgage is not the same as making extra payments or prepayment on your loan. If you pay a lump sum on your own without recasting, you have effectively lowered your principal amount, but not your monthly payment.
We are 2 years into a 30 year mortgage and are thinking of refinancing our mortgage. The idea/plan is to use cash we have saved to reduce the principal, and keep the monthly payment the same for a 15 year mortgage.. For example, as one option, pay the $100,000 as extra principal. That reduces your interest paid each month with the regular.
"Recasting your mortgage is a great option if you want to lower your monthly payments and have the funds to make a lump sum payment to your lender," says. mortgage prepayment refinancing.
A mortgage recast allows you to pay down the principal of your loan and receive a new monthly payment schedule based on a lower loan balance. We’ll explain the key differences between recasting and refinancing, and how to tell which is the best option for you, given your financial situation and goals.
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