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Refi, Recast, or Prepay? Options for your Mortgage

Mortgage recasting is one way to reduce your monthly mortgage payments. It’s less common than refinancing or modifying a loan, and it’s rarely advertised, but it decreases mortgage payments.

Many may be tempted to explore the reverse mortgage option as a way to. want to plan on staying in your home for several years to help offset those costs. If you don’t spend the money you’ve pulled.

Refinance, recast or pay down your mortgage?. to make sure there’s no prepayment penalty for making a big additional principal payment or for refinancing your loan so soon after your initial.

you’ll already be enjoying your savings! Give our friendly mortgage brokers a call. They’ll be happy to explain all the potential costs you might encounter, as well as help you find the best home loan.

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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.

You may have heard that you can lower your monthly mortgage payment without refinancing via a "mortgage recast." These two financial tools are quite different, which I’ll explain, but let’s first discuss recasting to get a better understanding of how it works.

How to know when to refinance your mortgage.. Here’s how to determine whether you will benefit by refinancing your mortgage.. How it works and when it’s the right option. About Us;

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Homeowners who aren’t happy with their current mortgage have the option to. homeowners to refinance and take advantage of the lower rates. However, interest rates are only one of the factors you.

There may also be prepayment. paying in interest on your home. If you’ve evaluated all of your options and you still want to pay your mortgage off early, there are a few different ways you can go.

However, if lowering your monthly mortgage payments sounds far sweeter, then a recast is the way to go. "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 Randall Yates, founder and CEO of The Lenders Network.

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