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If your fixed-rate mortgage payment is too high, there are a couple things you can do: You can refinance to reduce your. In that case recasting is unnecessary. Just make a big principal prepayment.
Mortgage rates have been at the lowest levels we’ve seen in the past year and a half. If you can save money by refinancing your mortgage but you’ve been putting it off, you owe it yourself to explore.
The Third Option. You can choose to prepay your principal earlier without recasting or refinancing. This is accomplished by making additional payments on top of your current monthly mortgage payment. By doing this, you can save money on interest and pay your mortgage off early.
A mortgage refinance basically involves payment of the home’s original mortgage with a new mortgage. Prepaying a mortgage is the same as paying the mortgage down. You make extra payments to reduce your balance and the amount of interest paid on the debt. Depending on your lifestyle choices, a mortgage refinance or prepayment may be a wise decision.
However, have you ever heard about recasting your mortgage? A mortgage recast is a method used to reduce your monthly mortgage payments and save interest, similar to a refinance, but avoiding the significant costs and headaches. Why haven’t you heard of recasting? Don’t feel bad, it’s not your fault.
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Recasting vs. shortening your mortgage. You really have to know your plan for your mortgage and run the numbers to figure out the best option for you. If you plan on consistently over-paying your mortgage, then recasting won’t provide much of a benefit.
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.
tive equity were generally unable to refinance into lower mortgage rates (agarwal et al., maintain this call option, borrowers must pay their mortgage to avoid default.. 1″Prepayment” occurs when a borrower repays the balance of his mortgage before it is due, usually.. Mortgages are recast at these interest rate jumps,