How To Recast Your MortgageAug 12 2013
By: Nicole Gates
Interested in lowering your monthly mortgage payment? Usually, the first thought is to refinance, but did you know that there is a cheaper way that’s also a lot less work? A Loan Recast is an adjustment of your monthly payments based on a new reduced loan amount and the terms of your loan do not change.
Most lenders, with the exception of FHA and VA, will recast your loan for a nominal fee. While most lenders don’t mention this gem of a product, many of them offer the service for a one-time service fee.
Learn more about recasting your mortgage in this week’s Mortgage Monday article.