What is Recasting? A new way to pay off your mortgage loan faster
Recasting of your existing mortgage is not commonly know
, the idea behind recasting your mortgage is to reduce the principal and at the same time reduce your mortgage payment.
For example; Imagine a person with a 30-year $300,000 fixed-rate mortgage and an interest rate of 4.75% who recasted one year into the loan by putting in $60,000 toward the principal would trim his balance to $235,371. Assuming there were 29 years left on the loan that would result in a monthly payment of $1,247 instead of the original $1,565.
This can be a good choice for some borrowers who have cash available and want to reduce their mortgage payments, but are not able to refinance. Some self employed professionals find themselves not able to refinance because of the type of loan they may have (i.e. NO Doc loan) and with tighter lender guidelines it is a lot harder to refinance.
With loan modifications still being a good option for most home owners, it will not assist everyone who wishes to stay in their home. If you are looking to refinance and you cannot be qualified for a modification with a principal reduction, then you should ask your lender if you could possibly do a recast of your mortgage.
Some lenders may have a minimum amount needed from you to put down in order for them to consider doing a recast, for example Chase requires a minimum of $5000.00 down and charges a fee of $150.00. So even though this could be a good option for some you should call your lender and ask about what other fees and minimum's maybe required.
For more information about the modification and foreclosure industry and news please visit our blog at:
http://blog.freehampreport.com or our website for a FREE eligibility test to see if you may qualify for a loan modification under the government's programs and or other lender work out options.
www.freeHAMPreport.com.
What is Recasting? A new way to pay off your mortgage loan faster
By: Jonathon Ende
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