Refi, Recast, or Prepay? Options for your Mortgage

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. lump sum toward your mortgage without recasting, you’d reduce your balance, but your monthly payments would stay the same. You won’t need a credit check or an appraisal to recast, making it a.

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.

Most consumers are familiar with refinancing, but not recasting. A mortgage recast is a specialized form of a prepayment that allows the borrower to make a lump sum re-payment that the lender uses to reduce the monthly payment. A great feature of mortgage recasting is that borrowers can reduce loan payments while paying fewer lender fees.

If refinancing would produce only a small rate cut — 1% or less, for instance — prepayments might save more money in the long run and be less of a headache to put into action. With a standard, fixed.

Recasting the mortgage gives you the option to make a reduced payment and use the new free cash flow for other purposes. MORTGAGE REFINANCING. Instead of recasting, you may be interested in refinancing your mortgage. refinancing involves paying off the existing loan and replacing it with a new one. Refinancing can be done to obtain a lower.

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These include: The ultimate goals of refinancing are dependent on the type of loan you’re replacing. For example, refinancing.

Lower monthly payments or pay off your home sooner. There are lots of great reasons to refinance your mortgage. Whether you want to save money with lower monthly payments or cash out, refinancing is a great option to meet your financial goals.. Get a better understanding of your refinance.

If you’re looking to save money on your mortgage, you have several options. Refinancing and recasting a mortgage will both bring savings, including a lower monthly payment and the potential to pay less in interest costs. But the mechanics are different, and there are pros and cons with each choice, so it’s critical to choose the right one.