Refi, Recast, or Prepay? Options for your Mortgage

Refi, Recast, or Prepay? Options for your Mortgage

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Mortgage recasting is one way to reduce your monthly mortgage payments. It’s less common than refinancing or modifying a loan, and it’s rarely advertised, but it decreases mortgage payments for.

I see the real advantage of recasting as a direct reduction of overall debt and lower monthly payments regardless of the motivations. Regarding the other option, a real disadvantage to refinancing is that you spend money on fees that do not reduce your mortgage principal but also restart the amortization of your note.

How does personal loan refinancing work? If you’re overwhelmed with how much your loan is costing you each month, then you may need to consider refinancing. Refinancing a personal loan works much like.

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Most consumers are familiar with refinancing, but not recasting. A mortgage recast is a specialized form of a prepayment that allows the borrower to make a lump sum re-payment that the lender uses to reduce the monthly payment. A great feature of mortgage recasting is that borrowers can reduce loan payments while paying fewer lender fees.

If your primary goal is to lower your monthly payments, refinancing is probably the way to go; if you primary goal is to pay off your mortgage ASAP, prepayment may be the way to go. However, it might be better to think about refinancing and prepayment separately. If it makes financial sense to refinance, go ahead and do that. Then make.

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The two main choices available to many borrowers are recasting or refinancing their mortgage. Each option can help you lower your monthly mortgage payment and save money in interest costs. In order to help you make a decision about which choice is right for you, here is some information you’ll need to consider. Recasting Your Mortgage

7 refinancing options you need to know about. January 8, 2018. Refinancing can lower your monthly payment, save money over the life of your loan, and help you own your home free and clear sooner.

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