Don’t Refinance- Recast Your Home Loan!

A Minute With The Mortgage Geek – recasting sean cahan The Mortgage Geek.. Don’t like this video?. Can I lower my monthly mortgage payment without refinancing? – Duration: 3:57..

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Refinancing is a popular strategy for homeowners who want to lower their monthly mortgage payments. But what if you don’t want to go through the hassle and cost of a refinance? How can you lower your mortgage payment without refinancing your home? There are several ways to accomplish this goal. Recasting is one of them. Mortgage Recasting.

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.

While recasting your existing loan doesn’t allow you to pull equity out – you don’t need to qualify or pay large amounts of fees. Consider Before Recasting Remember, once you put funds into paying down your mortgage, you won’t be able to access those funds unless you qualify for a cash-out refinance, or sell your home.

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While recasting your existing loan doesn’t allow you to pull equity out – you don’t need to qualify or pay large amounts of fees. Consider Before Recasting Remember, once you put funds into paying down your mortgage, you won’t be able to access those funds unless you qualify for a cash-out refinance, or sell your home.

We don’t. mortgage in five years, a few changes can help you shave years off. "If you budgeted down to one twelfth of your payment and add that every month, you can pay off your loan in four and a.

 · Recasting a mortgage is easier, since you don’t have to qualify, no appraisal is required, and the fee is low. However, there are drawbacks. First, recasting is possible only with a conventional loan. FHA and VA loans are not eligible. Next, not all banks offer recasting, and you must have a large lump sum with which to reduce the principal balance.

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