Don’t Refinance- Recast Your Home Loan!
Tip: Generally, your mortgage must be backed by Fannie Mae or Freddie Mac in order to be recast. Jumbo loans may also qualify. Jumbo loans may also qualify. It is not an option for FHA loans or VA loans unless it’s a loan modification.
Compare Home Loan Rates. Recasting vs. refinance vs. modification. Recasting your mortgage isn’t the same as modifying your mortgage, nor is it similar to refinancing your mortgage. Here’s how they differ: Recasting. A mortgage recasting requires you to pay a lump sum of money toward your mortgage principal.
Secondly, you need to make sure your lender allows for the mortgage recasting. Some don’t allow for it at all. Quicken Loans offers the ability to recast our conventional loans – those invested in by either Fannie Mae or freddie mac. assuming you can recast, lenders will also have their own guidelines about when you can do it.
2 Things You Need to Know to Properly Price Your Home By paying a right-of-occupancy fee – about 15% of the total price of the.2 Things You Need to Know to Properly Price Your Home In today’s housing market, home prices are increasing at a slower pace (3.7%) than they have over the last eight years (6-7%). However, they are still are above historical norms.
Compared to mortgage refinancing, which involves replacing your old home loan with a new one, recasting may be an easier process. There’s no credit check required and you don’t need an appraisal. recasting disadvantages. Similar to prepayment, recasting has some potential snags.
To start the recast of your loan, you would make an additional payment toward the principal that triggers the re-amortization of the balance owed over the remaining term and ultimately a reduction in the underlying scheduled (P&I) payment due, but there would be no change to the original loan maturity term.
The ultimate goal of refinancing or recasting your home mortgage loan is to pay less money over time. So it’s important to know your options and assess whether either makes sense for your financial goals. Let Gateway Mortgage clear up the options.
Mortgage recasting is a little known but useful trick that allows you to pay down your mortgage balance and secure a lower monthly payment while keeping your original loan and rate. Read on to see when mortgage recasting makes the most sense.
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Most lenders don’t allow you to repay your mortgage loan earlier, so your only option is to recast your mortgage. When recasting a mortgage loan, you make a larger payment towards the principal on your loan, after which your lender will calculate a new amortization schedule which will be based on your new mortgage loan balance.