Don’t Refinance- Recast Your Home Loan!

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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.

How to know when to refinance your mortgage. Ellen Chang.. "If you can shave one-half to three-quarters of a percentage point off your mortgage loan by refinancing, you should look into it.

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For a recast, you don’t need to apply for a new loan, so there’s no credit check, no need for proof of income, etc. However, not every type of mortgage is able to be recast; FHA and VA generally don’t qualify for recasting, and the ability to recast jumbo loans varies from lender to lender.

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.

When trying to reduce your monthly payments, the majority of borrowers will need to decide between recasting or refinancing their existing home loan. While a mortgage recast may not always be an option, a mortgage refinance is a valid alternative, depending on where interest rates are.

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You can also refinance your mortgage (I go into detail on when you should recast and when you should refinance here). And, you can always sit tight and invest your money elsewhere ! Next week, I am going to take an in depth look at when someone should recast a mortgage, and when they should refinance.

If those monthly mortgage payments have you down, consider recasting your home mortgage to reduce your loan balance — and your monthly payments. You may not have heard of recasting, as refinancing is more common and more publicized. However, if your lender offers a recast — and you have some extra cash — recasting.

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Even if you don’t qualify for, or just don’t want to bother with, a mortgage refinance, you may be eligible for a loan recast. In a recast, you pay a significant amount of money to reduce the principal balance of your mortgage loan. Once you do this — say, by paying $10,000 to reduce your loan’s principal balance.