REAL ESTATE MATTERS | If you can lower your interest rate, that's good.. Will your new monthly payment be less than what you're currently paying?. Q: I was offered a mortgage “recast” and I need help evaluating if it is a.

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If you’re looking to save money on your mortgage, you have several options.Refinancing and recasting a mortgage will both bring savings, including a lower monthly payment and the potential to pay less in interest costs.But the mechanics are different, and there are pros and cons with each choice, so it’s critical to choose the right one.

If you pay attention to your mortgage statements, you've seen that at the outset of the repayment, most of your monthly payments go to interest with just a small.

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.

Monthly payment of $1,073.65. 5% interest rate. From this example you can get a good idea of the savings difference between a mortgage recast and what would happen if your mortgage lender would reduce your principal while keeping the same amortization schedule (Optimal terms).

If you can find one, a 5/1 Interest Only loan at 3.75 percent will lower your cost to just. over the life of the loan and a modest reduction in your monthly payment. What the loan recast would do for you is effectively stretch the.

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While both recasting and refinancing a mortgage can lower your monthly payments and reduce the total interest paid, that’s where the similarities end. When you refinance a mortgage, you’re applying for a brand-spankin’-new loan with a new term, interest rate, and monthly payment.

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From the lender’s perspective, allowing automatic recasting is also appealing, because the recasting incentive for mortgage prepayments (to reduce future mortgage payment obligations) would result in lower loan balances, and greater home equity for the borrower, which reduces the exposure of the lender to a financial loss in the event of a.

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