Reduce payments by shrinking the mortgage balance with. re-amortizing the loan based on the newly reduced principal amount would result in a lower monthly payment. Upon request to recast a loan.
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What is a mortgage recast and why do it? There’s an easier and lesser-known option than refinancing for homeowners . who want to lower their monthly mortgage payment. It’s cheaper, too. Instead of paying a few thousand dollars in refi costs, they can "recast" their existing loan for a.
Mortgage recasting is a transaction that lowers your monthly mortgage payments after paying your lender a lump sum of money toward your remaining principal. If you’ve recently received a financial windfall from a company bonus, an inheritance or a tax refund, you could benefit from recasting your loan.
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If your goal is to lower your monthly mortgage payment and keep your current interest rate, recasting may work for you by avoiding the hassle (and cost) of re-qualifying for a new loan.
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Essentially, you are reducing your monthly payments over the remaining term of the loan, while keeping the same interest rate. There’s usually a fee involved. The fees for a mortgage recast usually range from $200 to $350. But this is much less than the cost of refinancing, which can add up to thousands of dollars.
Having a decent down payment on a house. the amount you spend on monthly debt payments divided by your gross monthly income – which could reduce the mortgage amount you qualify for.
The main factors determining your monthly mortgage payments are the size and term of the loan. Size is the amount of money you borrow and the term is the length of time you have to pay it back.