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Recasting mortgage could reduce monthly payments

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Managing Your Mortgage, Mortgages. 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 those who can apply a lump sum toward their loan’s principal.

In this case, you could benefit from recasting your mortgage to a lower monthly payment. mortgage Recast Example. Original loan amount: $250,000 Mortgage interest rate: 4% Original monthly payment: ,193.54 Current balance: $175,000. Let’s assume you started out with a $250,000 loan amount on a 30-year fixed mortgage set at 4%.

 · A mortgage recast is a way to possibly lower your monthly payments without actually getting a new loan. It can be a relatively easy cash flow fix, and you can often save money over the remaining life of your mortgage loan. But as with any type of borrowing, there are both pros and cons.

It’s best to make mortgage payments to loan servicer through auto-debit – My refinance was done by a national mortgage lender. They immediately transferred it to a well-known loan servicer. However, my monthly. My first payment to them was returned, and after discussing.

Mortgage recasting is a transaction that lowers your monthly mortgage payments after paying your lender a lump sum of money toward your remaining principal. If you’ve recently received a financial windfall from a company bonus, an inheritance or a tax refund, you could benefit from recasting your loan.

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Essentially, you are reducing your monthly payments over the remaining term of the loan, while keeping the same interest rate. There’s usually a fee involved. The fees for a mortgage recast usually range from $200 to $350. But this is much less than the cost of refinancing, which can add up to thousands of dollars.

I just received a packet from my bank about a "mortgage recast".. My SIL was offered a package to get her monthly payment lower (she took a 15 year and is now.. I could pay off the mortgage tomorrow, but I don't.

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Since you’ve paid extra principal payments, you have the option to lower your monthly payment instead of paying off early. This option is known as a recast. A recast takes your remaining balance and spreads it over the remaining term of your loan, which will reduce your monthly payment.

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