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Talk to me about mortgage recasting?

What is mortgage recasting? How do i know if I should do it? And how often should I do it? I took out a loan $350K at 6.6% last year. Thanks!
Asked By Sarah | Venice, FL | 186 views | Terms Definitions | 7 months ago
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Pro
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Lisa and Greg Harris

eXp Realty, LLC

(42)

To Recast a loan, it depends on the lender and type of loan you have and if the lender allows a large payment option to recast a loan. This will reset the amortization of the loan. But typically requires a large amount of money to put into the loan. Check with your lender to see if this an option.
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A Recast is a way of restarting the amortization of your current mortgage terms. Depending on the lender, you may have to pay a minimum amount in order to recast. If you had an original mortgage term of 30 years, the lender would restart your amortization based on the amount owed currently and a 6.6% rate. This would decrease the monthly payment from what you are paying currently. A recast would make sense for someone that has an interest rate that is below market rates. Many Americans have rates under 4% that do not want to refinance out of fear of losing the low interest rate. I would love to talk further with you to see if I can help meet your goals. I am licensed in Florida and would be happy to help!

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