Mortgage Recasting is an option for homeowners to lower their monthly mortgage payments after the loan has closed. Mortgage Recasting applies only to Conventional Loans.
Borrowers may make a large lump sum payment toward the principal of their conventional loan to secure lower monthly payments for the duration of the loan. All other loan terms including the interest rate of the original loan will remain the same.
You Might Want To Apply If …
♦ You received a large lump sum from the equity of the delayed sale of your prior home that occurs after the closing on the mortgage you are paying down.
♦ You receive a large inheritance and would like to apply those monies to lower your monthly payments.
♦ You would like lower monthly payments without the risk of refinancing which requires re-applying for a mortgage and incurring all the associated closing costs.
Benefits of Mortgage Recasting …
♦ Re-amortize your current loan after paying a lump sum toward the principle for a lower cost than refinancing.
♦ Lower your monthly payments while increasing the equity in your home.
♦ Retain the low interest rate of your current loan.
♦ Avoid closing costs and appraisal fees of a new loan.
♦ Avoid having to re-qualify for a new loan.
Reach out to Rick Cignoli @ 860.945.9284 to see if Mortgage Recasting is the right mortgage option for your family.