Mortgage Recast Pros And Cons
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A recast mortgage is a good idea only if you think the decrease in monthly payments is worth the lump sum you paid up front. Some may deem the reduction too small, and their money better serviced elsewhere-maybe paying off any outstanding finances, like student loans or credit card debt.
Recasting Pros and Cons. The main advantage recasting has over refinancing is ease. To "recast" your loan, you don’t need to qualify in the same way you would for a new loan. This means less paperwork and requirements. You don’t need to provide proof of income, document your assets, or make sure your credit score is the highest it can be.
In short, a mortgage recast takes your remaining mortgage balance and divides it by the remaining months of the mortgage term to adjust the monthly payment downwards (or upwards). Let’s focus on the downward portion for now. The downside to mortgages is that the monthly payment doesn’t drop if the balance is paid
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Instead of simply paying extra principal toward their mortgage, however, there’s another option to consider. They could recast, or re-amortize, their mortgage loan. Each approach has pros and cons, and different people will arrive at different decisions depending on their goals and circumstances. Shortening your mortgage term
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Should I Recast or Refinance My Mortgage? – Houselogic – How to Recast Your Mortgage: Refinancing’s Forgotten Sibling Follow these tips from HouseLogic to learn if you should recast your mortgage. Learn how recasting your mortgage can save you money in the long-run. Hard Cash Loan Rates Find Out Home Value How to Calculate and Determine Equity in Your Home – Learn from Better Money.
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